From the financial impacts of the COVID-19 pandemic to Russia's invasion of Ukraine, European banking systems have faced challenges such as inflationary pressures and higher interest rates, which result in a negative outlook in terms of economic growth. The Portuguese banking sector, however, has displayed resilience through positive indicators that defy the current macro-financial circumstances. Examples include the recent increase in the Portuguese banking sector's
. Moreover, Portugal has one of the world’s most advanced interbank networks through Multibanco, which adds to the robustness of the sector.
Portugal has a positive financial status
Despite a low
volume of new loans for residential properties and a negative
variation in loans granted to non-financial corporations in 2022 and 2023, the total assets of the banking industry grew in recent years, which demonstrates the sector's healthiness. Dropping loans are justified by the reduction in demand caused by rising interest rates, but that did not hinder the increase in
total operating income recorded in Portugal in 2022, which surpassed 12 billion euros.
Leading banks in Portugal
Portugal has 137
credit institutions as of 2024. Among them, Caixa Geral de Depósitos (CGD) was the domestic bank with the highest total assets, which amounted to 90.76 billion euros in 2022. During the same year, CGD, Millennium BCP, and Santander Totta were the banks with the highest total operating income. High
common equity tier 1 (CET1) capital ratio of banks in Portugal and the overall
leverage ratio of the banking sector contributed to strengthened solvency ratios in the country in 2023.
Digital banking is on the rise in Portugal
Online and mobile banking are growing among the Portuguese. In 2023, 59 percent of internet users in the country had used a form of
online banking, such as conducting transactions electronically over the internet. However, the
penetration rate of mobile banking is even higher among the Portuguese. In 2024, 67 percent of bank account holders processed banking matters via smartphone or tablet, much due to Multibanco’s MB Way platform. Moreover, the
number of neobanking users rose to 1.74 million in the same year.
Portugal’s banking sector is strong in the face of adversity
The Portuguese banking sector has resisted the adverse financial circumstances of recent years, demonstrating its strength and adaptability. Even with declining
total assets owned by the banking industry as a percentage of the gross domestic product (GDP), the banking sector in Portugal displayed that it is capable of responding efficiently to the financial needs of today’s global economy.
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