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Resident PSCE grew by 4.2% y/y, driven mainly by business credit extension, which increased by NAD2.9bn (+5.8%) over the past year. Household credit rose by NAD2.08bn (+3.0%) y/y. Growth was concentrated in instalment and leasing, while mortgages contributed little despite comprising the bulk of the outstanding stock. Momentum softened in January, and real household credit only marginally returned to positive growth as inflation eased sharply. Business credit increased by NAD2.87bn y/y. Instalment and leasing remained the main driver, continuing to gain share of the total stock. Overdraft utilisation rose sharply in January, but the annual trend continued to cool. Business mortgage lending remained contractionary, extending its run of y/y declines.