In October, housing loan stock increased by 993 million euros compared to September, totaling 109.1 billion euros by the end of the month. Compared to the same month last year, it grew by 9.4% from 8.9% in September, continuing the acceleration seen since January 2024, the central bank reported.
Consumer and other loans rose by 166 million euros from September to 33.4 billion euros, with an annual variation rate of 7.9% from 7.7% in September, indicating a growth of 7.2% in consumer loans and 9.1% in loans for other purposes.
Overall, in October 2025, the total amount of loans to individuals increased by 9.0% year-on-year, reaching 142.471 billion euros.
The stock of loans granted by banks to companies at the end of October 2025 totaled 73.8 billion euros, 447 million less than at the end of September. Compared to October 2024, there was a growth of 4.3% from 4.2% in September.
According to the Bank of Portugal, micro and small companies maintained positive annual growth rates (13.3% and 4.0%, respectively), while loans to medium-sized companies continued to show a negative annual variation rate (-0.8%), a trend persisting since July 2022.
Large companies also recorded a negative annual variation rate (-0.5%), halting a 17-month growth trajectory.
The central bank noted that credit to the construction and real estate activities sector “accelerated for the sixth consecutive month,” with the annual variation rate reaching 8.6% from 8.4% in September.
In trade, transport, and accommodation, the annual variation rate was 3.5%, but with “differentiated behaviors”: Credit to accommodation and food service and trade increased compared to the same month last year (4.4% and 5.3%, respectively), while credit to the transport and storage sector decreased by 3.1%.
Regarding deposits, at the end of October, the stock of household deposits in resident banks totaled 197.5 billion euros, 398 million more than in September.
The bank explained that this variation reflected a reduction of 79 million euros in demand liabilities (almost entirely constituted by demand deposits) and an increase of 477 million in term deposits (which include fixed-term deposits and deposits with advance notice).
Year-on-year, the stock of household deposits grew by 4.4% from 4.8% in September, “resuming the deceleration trend observed since November 2024.”
The Bank of Portugal suggested that “this deceleration may be associated with the remuneration of these deposits and the increase in net subscriptions of savings certificates and the holding of investment fund units.”
By the end of October 2025, the stock of company deposits in resident banks amounted to 74.5 billion euros, 2.083 billion more than in September 2025.
The annual growth rate was 11.5%, higher than that registered in September (10.9%).
