Total outstanding credit in Panama reached $42,762 million as of September 2026, according to data released by APC Experian, with consumer loans Panama now representing one of the fastest-growing segments of the country’s financial system. The figure covers 2,570,117 clients, of which 2,481,899 are individual borrowers, both Panamanian and foreign nationals.
The report highlights a widening gap in payment performance across different lending institutions. While traditional banks have gradually improved their portfolio quality, finance companies continue to struggle with a delinquency rate that has remained stuck at 17 percent for two consecutive years.
Consumer Loans Panama Drive New Credit Originations
August 2026 saw 66,510 new credit originations across banks, cooperatives, and finance companies. Banks accounted for 37,191 of these new loans, with credit cards leading the charge at 16,175 new accounts and personal loans following closely with 15,988 new obligations.
Finance companies formalized 24,813 new loans during the same month, driven primarily by fast-placement personal credit products. The sustained appetite for consumer borrowing underscores Panamanians’ reliance on credit to manage household expenses, even as delinquency indicators vary sharply by institution type.
Giovanna Cardellicchio, general manager of APC Experian, noted that the data shows growth across major banking portfolios, with variations in both expansion rates and payment behavior depending on the product type.
Bank Portfolios Show Stability While Finance Companies Lag
The banking sector holds $37,918 million in total credit, with mortgages representing the largest share at $21,610 million and a year-over-year growth of 1.74 percent. Personal loans in the banking system total $8,826 million, up 4.03 percent from the previous year, with a delinquency rate of 3.26 percent.
Credit cards within the banking sector present the highest formal-sector delinquency at 8.75 percent on a balance of $3,083 million. The overall bank delinquency rate for obligations more than 61 days past due stood at 4.80 percent in September 2026, a notable improvement from the 5.67 percent peak recorded in 2024.
Cooperatives show a more encouraging trajectory, with delinquency falling from 11.13 percent in 2021 to 7.42 percent in 2026 on a portfolio of $1,695 million. Finance companies, But, remain an outlier with $1,964 million in loans and a 17 percent non-payment rate affecting more than 715,000 active obligations.
Telecom and Ancillary Services Record Highest Default Rates
Beyond traditional lending institutions, the report reveals that telecommunications and complementary services carry delinquency rates exceeding 37 percent. This suggests Panamanian households prioritize bank debt servicing over smaller commercial commitments when financial pressure mounts.
The historical comparison shows banks held $31,453 million in September 2021 with a 3.55 percent delinquency rate. The subsequent rise to 5.67 percent in 2024 reflected post-crisis adjustments, but the contraction to 4.80 percent by September 2026 indicates a stabilization phase for the formal banking system.
Panama Bank Delinquency Rates Stabilize at 4.80% by 2026
| Period | Bank Portfolio (US$ millions) | Delinquency Rate | Phase |
|---|---|---|---|
| $31,453 | 3.55% | Baseline | |
| — | 5.67% | Post-crisis adjustment | |
| — | 4.80% | Stabilization |
Key Findings
- Telecommunications and complementary services delinquency rates exceed 37%.
- Panamanian households prioritize bank debt servicing over smaller commercial commitments.
- Formal banking system shows contraction from 5.67% (2024) to 4.80% (2026).
Source: see article above
For finance companies, the persistent 17 percent delinquency rate across both 2025 and 2026 points to structural payment difficulties among their borrower base, a segment that often includes consumers with limited access to traditional bank financing.
The full credit picture reveals a Panamanian market where borrowing remains robust but repayment capacity varies dramatically across product types and lending institutions. Banks continue to expand their consumer portfolios with manageable risk, while non-bank lenders face entrenched collection challenges that show no signs of abating.