Household deposit growth in Portugal slows for the second year in a row. Despite this, at the end of 2022, the total amount of savings held in banks in Portugal was 182.4 billion euros, which is 9.6 billion more than at the end of 2021.
“As with loans to individuals, the growth of deposits is also slowing down: from 8.1% in 2020, it slowed down to 6.6% in 2021 and to 5.4% in 2022,” explains Banco de Portugal in a report published this Friday.
Last year, the slowdown was more pronounced in November and December. Cash inflow to deposits in the last month of the year amounted to 188 million euros. However, the amount remains below the historical high reached in July: 182.7 billion euros.
“Stock” of home loans reached the highest value since 2015
As for the loan, the amount of housing loans provided by banks to individuals at the end of 2022 amounted to 100.3 billion euros. This value represents the highest since April 2015, up 3.4 billion from December 2021.
Home loans grew by 3.6% compared to 2021. However, during the year the dynamics were different, notes the Bank of Portugal.
In the first half of the year, the issuance of loans accelerated, and since the second half of the year, in the face of rising interest rates, it has consistently slowed down. “This slowdown movement was similar to what was registered in the euro area,” he says.
The volume of consumer loans accelerated during the year. After growing 2.4% in 2021, it is up 6% in 2022.
(News updated at 11:40)
Author: business magazine
Source: CM Jornal
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