Santander Business Strategy and Financial Inclusion
Macroeconomic environment and financial system
Credit dynamics underpinned by strong new originations, especially for mortgages.
Deposits reflect the historically high household savings rate.
Total loans (EUR bn)
226.2
225.2
223.2
221.6
219.2
4.4
4.3
YOY
3.4
3.4
(%)
2.1
Sep-20
Dec-20
Mar-21
Jun-21
Aug-21
Total deposits (EUR bn)
264.9
267.6
256.8
248.6
252.2
7.3
7.7
6.8
7.2
5.6
YOY
(%)
Sep-20
Santander
Dec-20
Mar-21
Jun-21
Aug-21
་
Source: Statistics Portugal, Ministry of Finance, Santander Portugal forecasts and estimates.
Loans grew on a yearly basis due to the policy measures
implemented, credit lines with state guarantees for the
corporate sector and moratoria on loans to households and
corporates (which ended in September 2021)
In 2021, mortgage production recorded its highest level since
2008
The pandemic resulted in a significant increase in the savings
rate to 11.5% of disposable income in Q2'21, the highest since
the 2000s
As a result, deposits continued to grow due to precautionary
savings and despite diversification into off-balance resources
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