Credito Real (BB-/BB): more reasons for bond recovery
smartmoney.oneWe recommend buying Credito Real USD and EUR-denominated issues due in 2026 and later on.The 1H21 earnings were mixed, but we see some positive trends. At the end of July, Credito Real released its IFRS financials for April-June and the first half of 2021 and held a conference call with investors.Total gross loans to customers increased by 6% quarter-on-quarter to $2.77 bln.Payroll deductible loans (PDL) still were the main driver of growth, while the SME loans declined.