Ecuadorean New Bank Loans Jumped 30% to $1.85 Billion in March

Ecuador’s banks and financial institutions, excluding government-owned lenders, boosted new loans by 30 percent to $1.85 billion in March from the previous month, the central bank reported.

Credit increased 19 percent from March 2011, the bank said today in a report on its website. The average interest rate for corporate loans fell to 8.01 percent from 8.33 percent a month earlier, while the average rate for consumer credit increased to 15.96 percent from 15.88 percent, the report said.

Ecuador’s private banks had total outstanding loans of $12.86 billion as of February, according to the most recent data available from the Superintendent of Banks.

To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at Papadopoulos@bloomberg.net

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