How did credit to businesses and households grow in 2025, and how is it split between them?

According to Banguat's Financial Stability Report (data to December 2025), total credit to businesses and households grew 7.9% year on year, down from 11.4% in December 2024,… split between businesses (52.8%) and households (47.2%). Credit to businesses grew 8.9% (9.1% a year earlier); within it the corporate segment, 88.6% of business lending, grew 7.2% (8.7% in 2024), with foreign-currency credit up 8.2% and local-currency credit slowing to 6.3%; foreign currency is now 49.2% of credit to that segment. Productive credit (individuals and small units) recovered from a low of −17.2% in February 2025 to +12.4% in December. Banguat reads the whole as contained risk: portfolio quality held or improved against 2024 and provisions are ample; the Economic Activity Confidence Index closed 2025 at 66.4 points and the IMAE grew 4.7% year on year in December.