The granting of bank credit for the purchase of housing slowed down in August, which occurs for the first time since October 2020, according to data released this Tuesday by the Bank of Portugal.
“At the end of August 2022, the total amount of housing loans was 99.7 billion euros, 0.2 billion euros more than at the end of July,” says the Bank of Portugal, adding that “This evolution represents a growth of 4.6% compared to August 2021, being, however, the first time since October 2020 that these loans have slowed down”.
As for consumer loans, the trend was different. These loans “total 20.5 billion euros, 0.2 billion euros more than in July, reflecting a growth of 5.9% compared to August 2021 (5.5% in the previous month),” according to the Bank of Portugal. .
On the side of deposits (from individuals) in Portuguese banks, these totaled 181.4 billion euros at the end of August. At the end of the previous month, July, the volume was higher, but the supervisor points out that this is a normal trend in August, the month in which most Portuguese go on vacation.
“Individual deposits fell by 1.3 billion euros compared to July, but grew by 6.8% compared to August 2021. The reduction occurred mainly in sight deposits and is in line with the usual evolution in the month August”, says the Bank of Portugal.
Regarding the financing that banks are providing to companies, the Bank of Portugal indicates that “at the end of August 2022, the amount of loans granted by banks to companies was 76.4 billion euros, which represents a growth of 1.5% compared to August 2021. In the previous month, the growth had been 1.6%”.
“This slowdown was more expressive in small and medium-sized companies and in companies in the manufacturing and accommodation and restaurant sectors. On the other hand, credits granted to large companies and companies in the commerce and transport sector accelerated”, says the supervisor.
Source: Observadora
