Market Shares and Financial Update
Macroeconomic environment and financial system
Credit dynamics remain influenced by covid-19 measures: loans with state guarantees and
moratoria
Total loans (EUR bn)
217.2
215.9
219.6 219.8
4.3
4.6
212.3
1.9
YOY
(%)
210.6
0.6
-0.6
-2.0
Dec-19
Mar-20 Jun-20 Sep-20 Dec-20 Feb-21
Total deposits (EUR bn)
247.1
248.6 252.2
255.2
239.3
236.0
8.4
6.8
5.6
YOY
4.7
(%)
3.2
3.4
Dec-19
Mar-20 Jun-20 Sep-20
Dec-20 Feb-21
Santander
Source: Statistics Portugal, Ministry of Finance, Santander Portugal forecasts and estimates.
Loans increased given the support measures adopted to
mitigate the covid-19 effects: (i) credit lines with state
guarantees for the corporate sector; and (ii) moratoria on loans
to households and corporates
Deposits accelerated, reflecting (i) lower spending by
households, due to precautionary saving and less spending on
leisure activities; and (ii) higher deposits by corporates,
associated with credit lines
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