MEXICO CITY, Dec 18 (Reuters) - Mexican banks' nonperforming loans rose to 3.51 percent of their portfolios in November as more consumers and businesses defaulted, the country's banking regulator said on Thursday.
Nonperforming loans were 3.31 percent in October. Bad loans have been growing at Mexican banks as the economy slows following several years of aggressively expanding consumer lending, particularly credit cards.
Mexico's economy has been hit hard by the recession in the United States, which buys 80 percent of the country's exports. Nonperforming consumer loans rose to 8.49 percent in November from 8.10 percent a month earlier. "The rate of credit card defaults is rising but a clear deceleration of the rate of increase is noticeable," the National Banking and Securities Commission said in a statement.
Overall bank loan portfolios rose 0.80 percent to 1.911 trillion pesos in November.
Source: www.uk.reuters.co