1H22 Financial Performance
Portuguese macroeconomic environment
The improvement in public accounts has
allowed for policy measures, mitigating the
impacts from the pandemic and from the war
in Ukraine. Unemployment and NPLs have
remained contained. Resilient growth in
house prices, supported by strong external
demand.
Contained rise in sovereign spreads reflects
improved fundamentals vs. previous crisis.
Non-performing loans (% of total gross loans)
Mortgage Consumption and other NFCS Total
20
18
Macroeconomic environment
Improvement in public accounts has allowed for policy measures, mitigating the impacts from the pandemic and from the war
in Ukraine. Unemployment, NPLs and sovereign spreads remain contained.
Unemployment rate
(% labour force)
INE house price index (% YoY) &
Housing bank appraisals (median, % YoY)
15
10
13.9
House Price index
12.9
16
14
5
Housing bank appraisals
12
0
10
8
-5
5.9
6
-10
4
2
-15
0
2012
2014
2016
2018
2020
2022
2000
2003
2006 2009 2012 2015
2018
2021
10Y Periphery Government bond
yield spreads vs. Bund (bps)
Annual GDP growth
(%)
8
6.3
1 800
6
4.9
1 600
Portugal
3.5
4
2.8
1 400
2.7
2.6
1.8
2.0
1 200
2
0.8
12.8
1.000
0
11.7 11.3
800
9.4 8.9 8.3 7.7
Spain
-2
600
-4
6.2 6.0
400
Italy
213
5.5 5.3
4.9 4.6 4.3 4.0 3.7 3.6
Bank of Portugal
forecasts
200
118
-6
118
0
-8
62
Ireland
-8.4
-200
-10
2018
2019
2020
2021
2022
2007
2010
2013
2016
2019
2022
2014
2015 2016 2017 2018 2019 2020 2021
2022 2023
novobanco
Sources: INE, Bank of Portugal, DDAE.
47View entire presentation