New loans in Brazil decline in April

New loans in Brazil declined by 2.89% y/y to BRL 295bn in April 2020, after jumping by 33.4% y/y in March to BRL 396.5bn. New credits for households plunged by 16.6% y/y, reflecting the virtual freeze in some sectors due to the COVID-19 pandemic and the rising default rates. 

On the other hand, credit for corporations increased by 14.2% y/y in April, as companies demanded more resources to finance their operations during the time when quarantines measures were imposed.

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