The effect in Brazil is in line with these figures. We see BRL1 billion in margin with the market and in Latin America, a slightly lower figure. Remember that here we only have one month of Argentina, and two months where we’ve already recognized this investment as available for sale, thus it doesn’t impact earnings. This was the effect of the margin with the market, with no particular news, I’d like to detail some information and commission and fees and result from insurance operations. First, the strong quarter-on-quarter income from credit and debit cards as we’ve managed to expand issuance, which grew 4.5%, the acquiring business grew 2.8%. It’s worth noting that in light of all the integration work, better management in proximity to the clients, the acquiring business is going through in short, a process of engaging our clients that has helped us to reprice and adjust our operation as a whole.
Year-on-year growth was 18.9% a very sound result. Transaction volumes are also sound, growing 5.3% in the quarter while posting good profitability, which is the most important. And in issuance, we grew 2.9% year-over-year with a volume expansion of 2.7% in the quarter. We remind you that this was the portfolio where we’ve actually made the most adjustments, we’ve reduced substantially our exposure to the open seat and this adjustment, of course, not only affects revenue, but also the portfolio growth. When we look at the advisory services and brokerage line, we see a very strong growth of 22% in the quarter, and 21% year-over-year. In further details, we came first in the investment banking ranking and ECM M&A, and DCM achieving 18% market share in ECM 15% in M&A, and 29% in DCM, which shows that we’ve been consistent and delivered very solid earnings in this slide.
When we talk about asset management, there was actually a slightly lower year-over-year growth with an expansion in the quarter. But the most important thing is to show that the open platform grew this quarter. As a result, we are already seeing a certain migration trend to this platform. And the line of own products has been growing a lot throughout this cycle of monetary tightening. So the pickup is lower quarter-over-quarter with an increase of 2.2%. Finally, in insurance, we grew 19% year-over-year with a growth of 5.4% in the quarter, which shows that we are consistently expanding our insurance operation, increasing the value of this operation within the bank’s balance sheet. In terms of credit quality, our first message is from a global standpoint.
When we look at Brazil at the total and add Latin America short term delinquency reduced in all three cases, and coincidentally in all of them fell from 2.5% to 2.3%. This shows that short term delinquency is well behaved. When we look at the NPL 90 days on a consolidated basis, the total is fully in line just like in Brazil and Latin America. And when we look at the short term delinquency in Brazil for the second quarter in a row, we have a reduction in the individual loan portfolio from 3.5% to 3.4% and now 3.2%. In fact, the first quarter is usually more pressured by the previous quarter spending and we’ve seen that in two periods we are already returned to the levels we have before the start of the year. In very small, small and middle market companies, the indicator fell by 10 BPS while in corporate segment, the indicator went sideways without any news.
When we look at the 90 day NPL in Brazil, in line with what I said last quarter, we have an absolutely stable rate. And our best expectation for the fourth quarter is a drop in the NPL for individuals. Bearing in mind that this is a portfolio that is decelerated a lot. So there’s a much more controlled overdue effect and a denominator effect. Both show that we have a very healthy portfolio and no worries. In SMEs, we are in line with what I said in the last call that we expected an expansion of around 10 BPS, and that’s what happened, but our expectation is a drop in the fourth quarter. So we see that the short term delinquency is reducing thus, we don’t have any specific concerns. Our very small, small and middle market companies operation is posting very strong returns both in the middle market and in retail.
So no specific concerns here, we have a very controlled cost of credit. When we look at the nominal cost of credit, in this series, we have the first quarter with a nominal reduction. It’s important to remember that in the fourth quarter, we have the effect of one retail company which ended up changing this figure. If it hadn’t been for that we’d have seen a gradual growth over all the quarters. So this is the first quarter that we’ve actually seen a nominal decrease and in relative terms, it’s fallen to 3.2%, which is a very comfortable figure and with a portfolio that is growing. In the renegotiated loan operations we have two news. The first is that it appears nominally stable at BRL40.9 billion results and 3.5% compared to the portfolio which shows a very controlled and well behaved portfolio.
