Competing as a Strong and Independent Portuguese Bank
With ~90% of the loan book floating, the repricing of
Euribor will lead to higher NII
Theme 4: Interest Rates
6-months Euribor curve
(%; as of 18-Jul)
Loans to Customers
(Gross Book Value; €bn)
Loan-to-Deposit ratios in Europe²
(%; March Data)
2.00%
GAP
1.59%
Consumer &
Other
€25.5bn
6%
€25.5bn
-10%
250%
1.34%
1.50%
Market
Mortgage
% Fixed
% Floating
38%
147%
1.00%
0.71%
~90%
-20% 1M
101% 98% 94% 81% 78%
61%
0.50%
0.03% 0.15%
-25% 3M
0.00%
Corporate
56%
With 46% of the
floating loans
floored
-30% 6M
(from corporate)
-0.50%
Business
Plan
-25% 12M
범프씰 뜨
암스
-1.00%
Segment
Interest 1
Rate Type
Ample liquidity in
Jan-22 Mar-22 Jun-22 Sep-22 Dec-22
Portuguese banking sector
~€3.0bn of investment portfolio, yielding ~0.7%, matures within 2 years; investment portfolio at amortised cost is >50% hedged
No zero Euribor floor on mortgages
•
No structural deposits hedges
•
No negative rates for retail & corporate deposits in Portugal
novobanco (1) After hedging: (2) Source: ECB - SDW
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