Deposits reached a new all-time high of 164.6 billion euros, compared to the previous record of 163.8 billion euros. According to an article in Eco, data released by the Bank of Portugal on Thursday indicates that household bank deposits reached a new high, as Portuguese households increased their savings due to the Covid-19 restrictions.
The figure represents an increase of 8.2% compared to March of last year. For February, the Bank of Portugal reported that deposits rose by 794.3 million euros, compared to an increase of 956.1 million euros in the previous month.
Loans to families also rose again, while that was not the case for businesses. According to the Bank of Portugal, “In March 2021, loans granted by banks to non-financial corporations rose by 10.0% y-o-y, 1.2% less than in the previous month. Loans to large companies stood out, falling by 6.9% y-o-y to an increase of just 1.3%.”
Loans to individuals reached the highest point since May 2015, rising by €398.4 million compared to the previous month. The total amount of loans granted to households increased in March to 121.4 billion euros.
The Bank of Portugal also reported that the annual rate of change in home loans was 3.0%, up 0.3 percentage points over February. In March, the amount granted for this purpose reached 95.935 billion euros. The amount earmarked for other purposes also increased that month, to 6.587 billion euros.
