According to data from the Bank of Portugal consulted by our newspaper with the SREA, Azoreans are borrowing more money from banks for consumption.
In fact, the balance of loans granted to private individuals in the region stood at 3,295.3 million euros at the end of the third quarter of this year, 47.6 million more than in the same quarter last year.
The amount of non-performing loans in this sector (private individuals) stood at 21.6 million euros at the end of the quarter (the same as in the same quarter of the previous year).
For companies, the outstanding volume of loans was 1,716.4 million euros at the end of the third quarter of 2024, 0.2% less than in the same quarter of the previous year (2.6 million euros less).
The overdue loan ratio in this institutional sector stood at 0.7% at the end of the quarter, with 12.3 million euros in non-performing loans (6.7 million euros less than in the same quarter of the previous year).
The situation in the Azores follows the national trend.
In fact, new consumer loans totaled 695.626 million euros in September, announced the Bank of Portugal (BdP), representing an increase of 10.8% year-on-year and 0.2% compared to August this year.
According to the central bank’s provisional data on the evolution of new consumer loans, in September, compared to the same month last year, the amount of new personal loans rose 7.4% to 311.277 million euros, and new car loans rose 15.8% to 270.605 million euros.
Cards and overdrafts rose by 8.5% to 113.744 million euros.
In chain variation, i.e., in September compared to August, new personal loans rose 3.9%, new car loans fell 2.8%, and cards and overdrafts fell 2.3% [as you can see in the image above].
Banco de Portugal concludes that the number of new loans contracted in September rose 4.0% year-on-year to 137,109 contracts but fell 0.6% compared to August.

In Diário Insular, Osvaldo Cabral-director

Translated to English as a community outreach program from the Portuguese Beyond Borders Institute (PBBI) and the Modern and Classical Languages and Literatures Department (MCLL) as part of Bruma Publication and ADMA (Azores-Diaspora Media Alliance) at California State University, Fresno, PBBI thanks Luso Financial for sponsoring NOVIDADES.