Home credit accelerates. Banking granted over two billion euros in the first quarter
During the first three months of the year, banks granted 2,186 million euros in new housing credit. It is a new maximum.
Housing credit keeps increasing. In the first three months of the year, Portuguese banks granted two billion euros in home loans. It is a new maximum of 2010.
Data disclosed this Tuesday by the Bank of Portugal shows that new credit granting for purchasing a home ascended to 866 million euros in March. It is the highest monthly amount since July of 2010, when 975 million euros were granted as home credit.
This number raises the total amount of loans granted for that purpose to 2,186 million euros in the end of the first quarter of 2018. In an homologous comparison, one would have to go back to the first quarter of 2010 to find a higher amount: 2,476 million euros. In comparison to the same period of last year, the total amount of home credit granted in the first quarter of the year corresponds to a 21% increase.
Home credit since 2010
Consumption also increases, but not as much
Consumer credit also increased: banks granted 1,123 million euros to private individuals, the highest amount since the homologous period of 2006. Nonetheless, in comparison to the first quarter of last year, consumer credit had an 11% increase, as banks granted 1,008 million euros for that purpose. Loans for other purposes registered a 6% decrease in comparison to the homologous period, of 457 million euros.
Overall, banks granted 3,766 million euros in credit to privates until March. It corresponds to the highest threshold since the first three months of 2010. In comparison to the same period of last year, it was a 14% increase.
As for companies, credit granting refuses to “take off” soaring, although it increased. In the first three months of the year, companies went to banks to get 7,472 million euros — an additional 784 million in comparison to what was registered in the same period of last year.
