Costa Rica: Delinquency rate grows for bank credits

Delinquency in credit portfolios for banks in Costa Rica, especially the state banks which control 70% of the market, has dramatically increased in the last few months.

Tuesday, November 4, 2008

Despite the increase, which in the state banking sector was at 39.7% between January and September, delinquency of more than 90 days remained below 3% of the total credit, which is the allowed limited, the General Superintendence of Financial Entities (Sugef) pointed out

More on this topic

Bank Defaults on the Rise

June 2018

From June 2017 to May 2018, the average default rate of the Costa Rican financial system's credit portfolio increased from 1.36% to 2.14%.

According to figures from the General Superintendence of Financial Institutions (Sugef), between April and May of this year, Banco Nacional de Costa Rica (BNCR) saw an increased in its arrears of greater than 90 days and judicial collection from 2.65% to 4.18%, thus surpassing the 3% that is established as the prudent maximum limit.

Unstoppable Consumer Credit in Costa Rica

September 2017

In 2010 average household debt per household was around $3,000, and last year, just six years later, the figure exceeded $6,500.

Data compiled by shows that the average debt of each Costa Rican household indicated in the analysis only takes into account financing with supervised entities, meaning that it could be be omitting loans taken out for consumption through other sources of unregulated financing, such as pay day lenders and pawn shops, among others.

Loan Payment Defaults Still Rising

August 2011

There have now been seven consecutive months during which the default rate of borrowers from the Banco Nacional de Costa Rica has increased, having exceeded the normal limit of 3% over the past three months.

The increase in defaults is due mainly to problems with real estate projects in Puntarenas and Guanacaste, said Bernardo Alfaro, deputy general manager of the bank’s risk management office.

Loan Delinquency Increases in Costa Rica

August 2009

By July, 2.215 of all loans outstanding are more than 90 days behind in their payments, according to Sugef data.

Even though since November 2008 delinquency has shown an upward trend, it is currently below 3%, a level considered "normal" by the Superintendence of Financial Institutions (Sugef).

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