葡萄牙银行行业市场前景及投资研究报告-外文版培训课件

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MARKETSBankingindustryinPortugalCHAPTER

01OverviewTotalassetsofthebankingindustryinPortugalfrom1stquarter2019to3rdquarter2023,byquarter(inbillioneuros)TotalquarterlyassetsofthebankingindustryinPortugal2019-2023150145140135130125120Q12019Q2

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20234Description:ThetotalassetsofthePortuguesebankingindustryincreasedoverallbetween2019and2023,despiteslightfluctuations.Inthethirdquarterof2022,thevalueofbankassetsamountedtoroughly143.85millioneuros,thehighestvalueoftheperiodanalyzed.Inthesamequarterofthefollowingyear,thetotalassetsofthePortuguesebankingindustrydeclinedto139.54billioneuros.ReadmoreNote(s):Portugal;Q12019toQ32023Source(s):ECBTotalassetsandliabilitiesreportedbyfinancialvehiclecorporationsinPortugalfrom1stquarter2018to3rdquarter2023(inmillioneuros)AssetsandliabilitiesoffinancialvehiclecorporationsinPortugalQ12018-Q3202331,00029,00027,00025,00023,00021,00019,00017,00015,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018

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20235Description:InPortugal,thevalueofassetsandliabilitiesreportedbyfinancialvehiclecorporationsfluctuatedthroughouttheyears.Inthefirstquarterof2018,thesecorporationsreportedalmost29.6millioneurosastheirtotalassetsandliabilities.Inthefirstquarterof2020,therewasadrop,withthesecompaniesreporting18.3millioneurosasassetsandliabilities.Bythethirdquarterof2023,thedecreasecontinued,reaching17.5millioneuros.

ReadmoreNote(s):Portugal;Q12018toQ32023Source(s):ECBTotalassetsandliabilitiesreportedbydeposit-takingcorporationsinPortugalfrom1stquarter2015to3rdquarter2023(inbillioneuros)AssetsandliabilitiesfromcreditinstitutionsinPortugalQ12015-Q320234604504404304204104003903806Description:In2023,thetotalassetsandliabilitiesreportedbycreditinstitutionsinPortugalwentfrom421.2billioneurosinthefirstquarterto420.34billioneurosinthesecond,Lastly,thethirdquarterofthesameyearrecorded419.8billioneuros.Duringtheperiodconsidered,thepeakoftotalassetsandliabilitiesoccurredinthethirdquarterof2022,at454.77billioneuros.ReadmoreNote(s):Portugal;Q12015toQ3

2023Source(s):ECBTotalassetsandliabilitiesreportedbymoneymarketfunds(MMFs)inPortugalfrom1stquarter2018to3rdquarter2023(inmillioneuros)TotalassetsandliabilitiesreportedbyMMFsinPortugalQ12018-Q32023650600614550500450400350300250200150522466425420420399390386379356

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340320Q2248Q4250Q2244Q1211Q3Q1Q2Q3Q4Q1Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32018

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20237Description:InPortugal,thetotalassetsandliabilitiesreportedbymoneymarketfunds(MMFs)experiencedfluctuationsthroughouttheyears.Duringthefirstquarterof2018,MMFsaccountedfor399millioneurosintheirbalancesheetsastotalassetsandliabilities.Thisfiguredecreaseduntilthefourthquarterof2020,whenitroseto425millioneuros.Afterfurtherfalls,2023recordedthehighestincreaseoftheperiodconsidered,namelyto614millioneurosinthethirdquarter.

ReadmoreNote(s):Portugal;Q12018toQ32023Source(s):ECBTotalassetsofthebankingindustryaspercentageofgrossdomesticproduct(GDP)inPortugalfrom2008to2023TotalassetsofthebankingindustryaspercentageofGDPinPortugal2008-2023240%230.55%228.76%228.48%226.52%215.64%220%200%180%160%140%120%100%210.09%194.97%174.05%160.3%142.49%140.3%2020135.62%2017128.03%2018124.98%2019124.97%2022113.61%2023*20082009201020112012201320142015201620218Description:Thetotalconsolidatedassetsofdomesticbankinggroupsasapercentageofnominalgrossdomesticproduct(GDP)inPortugaldecreasedoverallbetween2008and2023,withthehighestsharemeasuredin2009,ataround228.8percent.2019recordedthelowestvalueoftheperiodconsidered,namely128percent.In2023,thevalueoftotalbankingassetsamountedto113.6percentoftheGDP.

ReadmoreNote(s):Portugal;2008to2023Source(s):ECBCompositionofbankingsectorassetsinPortugalasofDecember2023,byassettypeAssetcompositionofthebankingindustryinPortugal202360%56.6%50%40%30%20%10%0%22.9%14.1%4.4%1.1%0.8%LoansandadvancesDebtsecuritiesCashbalancesDerivativesEquityinstrumentsOtherassets9Description:InDecember2023,thelargemajorityofbankingsectorassetsinPortugalweremadeupofloansandadvancestoindividualsandbusinesses,atashareofalmost57percent.Debtsecuritieshadthesecond-highestshareofbankingsectorassetsacrossPortuguesebanks,with23percent,followedbycashbalances,with14percent.ReadmoreNote(s):Portugal;December2023Source(s):EBATotalnumberofcreditinstitutionsinPortugalfrom2010to2024NumberofbanksinPortugal2010-202418016014012010080604020020102011201220132014201520162017201820192020202120222023202410Description:ThenumberofcreditinstitutionsinPortugaldecreasedgraduallybetween2009and2024,droppingtothelowestnumberin2023.Inthisyear,therewereatotalof137creditinstitutionsinthecountry,avaluemaintainedin2024.

ReadmoreNote(s):Portugal;2010to2024Source(s):ECBNumberofcreditinstitutionofficesinPortugalfrom2010to2022NumberofcreditinstitutionofficesinPortugal2010-20227,0006,5876,5016,5006,0005,5005,0004,5004,0003,5003,0006,2595,9875,9385,4535,3235,0014,13620184,05220193,85920203,62720213,57120222010201120122013201420152016201711Description:InPortugal,thenumberofcreditinstitutionofficeshasfluctuatedovertheyearsconsidered.In2010,thenumberofbranchesamountedtoalmost6.6thousand,while,in2018,thisnumberwentdownto4.1thousandoffices.Mostrecently,in2022,thenumberofofficesdecreasedto3.57thousand.ReadmoreNote(s):Portugal;2010

to2022Source(s):ECBHouseholdgrosssavingsasashareofdisposableincomeinPortugalfrom1stquarter2007to3rdquarter2023HouseholdgrosssavingsasashareofdisposableincomeinPortugal2007-202320%18%16%14%12%10%8%6%4%2%0%12Description:InPortugal,householdssavedapproximatelysevenpercentoftheirdisposableincomeinthethirdquarterof2023.Thatgrosssavingsratereacheditshighestvalueinthesecondquarterof2020atmorethan19percent.ThehouseholdsavingsrateinSpain,Portugal'sneighborcountry,alsoreachedsimilarlevelsduringthestartoftheCOVID-19pandemic.ReadmoreNote(s):Portugal;1stquarter2007to3rdquarter2023Source(s):OECDNumberofdirectdebittransactionsinPortugalfrom2000to2022(inmillions)AnnualnumberofdirectdebitsinPortugal2000-20223002502001501005002000

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202213Description:ThenumberofdirectdebitpaymentsgenerallyincreasedinPortugalwithsignificantfluctuationduringtheperiodobserved.In2014,thenumberpaymentsamountedto168.76millionafteramajordeclinesince2012.However,thishadrisento228.72millionby2020.In2022,thereweremorethan258.5milliondirectdebittransactionsinthecountry.ReadmoreNote(s):Portugal;2000to2022;Allfiguresareprovisional;ThesourcesignificantlychangeditsdatabaseinNovember2023.Thismaymeanmethodologychanges,ornotallEU-27countriesreportingthesamefigures.Source(s):BancodePortugal;ECBAveragevalueofpaymentfraudsinPortugalin1sthalf2023,byinstrument(ineuros)AveragevalueofpaymentfraudsinPortugalH12023,byinstrument3,5003,0863,0002,5002,0001,5001,000500648180470CredittransfersDirectdebitsCardoperations(buyer)Cardoperations(issuer)14Description:InPortugal,duringthefirsthalfof2023,credittransferswereaccountableforthehighestvalueoffraudamongpaymentinstruments,registeringanaveragevalueof3,086euros.Directdebitsfollowedwithanaveragefraudvalueof648euros.Intermsofbankcards,fraudsfromtheperspectiveofthebuyerreachedtheaveragevalueof180euros,whilefraudsfromtheperspectiveoftheissuerstayedat47eurosonaverage.

ReadmoreNote(s):Portugal;H12023Source(s):BancodePortugalCHAPTER

02BankingsystemefficiencyandstabilityTotaloperatingincomeinthebankingsysteminPortugalfrom2014to2022(inbillioneuros)TotaloperatingincomeinthebankingsysteminPortugal2014-20221412.051210.6810.4710.419.949.699.681089.489.3642020142015201620172018201920202021202216Description:TotaloperatingrevenueforthePortuguesebankingsystemfluctuatedduringtheperiodunderobservation,plummetingin2022withthevalueofapproximately12.05billioneuros.ThelowestvalueofoperatingincomeinthebankingsysteminPortugaloccurredin2018,with9.3billioneuros.ReadmoreNote(s):Portugal;2014to2022Source(s):ECBCost-to-incomeratioofthebankingindustryinPortugalfrom4thquarter2008to3rdquarter2023Quarterlycost-to-incomeratioofthebankingindustryinPortugalQ42008-Q32023-30%-35%-40%-45%-50%-55%-60%-65%-70%-75%17Description:Between2008and2023,thecost-to-incomeratioofthebankingindustryinPortugalfluctuatedaround-50percent,withadownwardtrendinrecentyears.Thehighestratiowasreportedinthefourthquarterof2013at-70.33percent.In2022and2023,theratiodecreasednotably,droppingto-36.53percentinthethirdquarterof2023.ReadmoreNote(s):Portugal;Q42008toQ32023Source(s):ECBNetinterestincomeofthebankingindustryinPortugalfrom2008to2022(inbillioneuros)NetinterestincomeofthebankingindustryinPortugal2008-202210987654321020082009201020112012201320142015201620172018201920202021202218Description:Between2008and2022,thebankingindustryinPortugalexperiencedfluctuationsinnetinterestincome.In2014,netinterestincomereacheditslowestpointat5.31billioneuros.Thehighestnetinterestincomewasobservedin2008,reaching8.86billioneuros.ReadmoreNote(s):Portugal;2008to2022Source(s):ECBValueofcommonequitytier1(CET1)capitalofthebankingindustryinPortugalfrom4thquarter2014to3rdquarter2023(inbillioneuros)QuarterlyvalueofCET1capitalofthebankingindustryinPortugal2014-202330.029.028.027.026.025.024.019Description:Thecommonequitytier1(CET1)capitalofthebankingindustryinPortugalreacheditshighestpointinthesecondquarterof2023with28.97billioneuros.CET1reacheditslowestvalueinthefourthquarterof2016,with25.58billioneuros.Afterthat,agenerallyupwardtrendbegan,albeitwithfluctuations,namelyduringthefourthquarterof2018,whenanothersharpdecreaseoccurred.ReadmoreNote(s):Portugal;Q42014toQ32023Source(s):ECBCommonequitytier1(CET1)ratioofthebankingindustryinPortugalfrom4thquarter2014to3rdquarter2023QuarterlyCET1ratioofthebankingindustryinPortugal2014-202317.5%16.5%15.5%14.5%13.5%12.5%11.5%10.5%20Description:Thecommonequitytier1(CET1)ratioofthebankingindustryinPortugal,akeymeasureofabank'sfinancialstrengthandcapitaladequacy,presentedanincreasingtrendbetween2014and2023.Startingat11.29percentinthefourthquarterof2014,itreacheditspeakat16.43percentinthesecondquarterof2023.Asofthethirdquarterof2023,theCET1ratioofthebankingindustrywas16.39percent.ReadmoreNote(s):Portugal;Q42014toQ32023Source(s):ECBReturnonequity(ROE)ofthebankingindustryinPortugalfrom4thquarter2014to4thquarter2023QuarterlyROEofthebankingindustryinPortugal2014-202320%15%10%5%0%-5%-10%-15%21Description:Between2014and2023,thereturnonequity(ROE)ofthebankingindustryinPortugalincreasedoverall,despiteperiodicfluctuations.ThemostnotabledropintheROEoccurredinthefourthquarterof2016.Afterthissharpdecline,theROEstabilizedinthefollowingquarters.Inthefourthquarterof2023,theROEofthebankingindustryinPortugalstoodat16.9percent.ReadmoreNote(s):Portugal;Q42014toQ42023Source(s):EBAAveragerequiredreturntoequityforinvestmentsinPortugalfrom2015to2023AveragerequiredreturntoequityinPortugal2015-202314%12%11.6%11.1%10.4%10.1%10%8%6%4%2%0%8.7%8.1%7.8%7.3%20152017*20182019202020212022202322Description:Therequiredratetoreturntoequitydepictshowmuchprofitisneededinorderforaninvestmentorprojecttomoveforward.Inthistimeperiod,inPortugal,theaveragerequiredreturntoequityfluctuated.Asof2023,therequiredreturntoequityinPortugalwas11.6percent.ReadmoreNote(s):Portugal;2015to2023;96countrieswith4,064answers;financeandeconomicsanalysts.Source(s):IESEReturnonassets(ROA)ofthebankingindustryinPortugalfrom4thquarter2014to4thquarter2023QuarterlyROAofthebankingindustryinPortugalQ42014-Q420232.0%1.5%1.0%0.5%0.0%-0.5%-1.0%23Description:Thereturnonassets(ROA)ofthePortuguesebankingindustrypresentedanincreasingtrendbetween2014and2023,despiteseveralfluctuations.Thelowestvaluewasrecordedinthelastquarterof2016,whentheROAstoodatnegative0.7percent.TheROAstoodat0percentduringthesecondandfourthquartersof2020duetotheCOVID-19pandemic.In2023,theROAofthebankingsectorinPortugalincreasedsignificantlyandreached1.4percentinthelastquarter.

ReadmoreNote(s):Portugal;Q42014toQ42023Source(s):EBALeverageratioofthebankingindustryinPortugalfrom1stquarter2018to4thquarter2023QuarterlyleverageratioofthebankingindustryinPortugalQ12018-Q420238.0%7.5%7.0%6.5%6.0%5.5%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42018

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202324Description:Between2018and2023,theleverageratioofthebankingindustryinPortugalfluctuatedbetween5.9and7.6percent.Thelowestratiowasreportedinthethirdquarterof2022.Thehighestleverageratioswerereportedinthefourthquarterof2019andthefirstquarterof2020.Thelastquarterof2023presentedaleverageratioof6.9percent.ReadmoreNote(s):Portugal;Q12018toQ42023Source(s):EBACHAPTER

03RetailbankingMortgageinterestrateinPortugalfrom1stquarter2013to4thquarter2023MortgageinterestrateinPortugalQ12013-Q420236.0%5.0%4.0%3.0%2.0%1.0%0.0%26Description:In2022,Portugaloverturnedthesinkingmortgageinterestrateithadgonethroughduringthecoronavirus(COVID-19)pandemic.ThecountrydidnotescapefromtheoveralltrendoffallingmortgageinterestratesobservedinEuropeduringtheCOVID-19crisis,whichpositionednationalmortgageinterestratesat1.54percentinthefourthquarterof2021.ReadmoreNote(s):Portugal;Q12013toQ42023Source(s):EuropeanMortgageFederationGrossresidentialmortgagelendinginPortugalfrom2ndquarter2014to4thquarter2023(inbillioneuros)GrossresidentialmortgagelendinginPortugalQ22014-Q420237.06.05.04.03.02.01.00.027Description:TherewasasignificantincreaseinthegrossresidentialmortgagelendinginPortugalsince2014.Inthesecondquarterof2022,itreached4.22billioneuros.Inthefollowingquarter,lendingdecreased,whichhadtodowiththeworseningeconomicconditionsandrisinginterestrates.ComparedtootherEuropeancountries,Portugal'sgrossresidentialmortgagelendingisonthelowerside.Asofthefourthquarterof2023,therewereoversixbillioneurosingrossresidentialmortgagelending,[...]

ReadmoreNote(s):Portugal;Q22014toQ42023Source(s):EuropeanMortgageFederationTotaloutstandingresidentialmortgagelendinginPortugalfrom2ndquarter2014to4thquarter2023(inbillioneuros)OutstandingresidentialmortgagelendinginPortugalQ22014-Q42023106104102100989694929028Description:ThetotalamountofoutstandingresidentialmortgagelendinginPortugalgenerallydecreasedbetween2014and2019,followedbyanincreaseuntil2022.Asofthelastquarterof2023,thetotaloutstandingresidentialmortgagelendinginPortugalexceeded100.3billioneuros.AtotalofthreeEuropeancountriesexceededonetrillioninoutstandingresidentialmortgagelending-theUnitedKingdom,Germany,andFrance.ReadmoreNote(s):Portugal;Q22014toQ42023Source(s):EuropeanMortgageFederationNumberofbankingoperationsinPortugalfrom2018to2022,bytypeofpaymentinstrument(inmillions)NumberofbankingoperationsinPortugal2018-2022,bytypeofpaymentinstrumentElectroniccredittransfersDirectdebitinstructionsDebitcardoperationsCreditcardoperationsPaymentcardoperations*3,0002,5002,0001,5001,00050002018201920202021202229Description:InPortugal,thenumberofbankingoperationsincreasedovertheperiodconsideredforalltypesofpaymentinstruments.In2022,electroniccredittransfersamountedto370million,surpassingdirectdebitsandcreditcardtransactions,whichtotaled259millionand165million,respectively.Debitcardoperationsrosefrom1.7billion,in2018,toover2.4billion,in2022.ReadmoreNote(s):Portugal;2018to2022;*Paymentcardoperationsresultfromthesumofdebitcardandcreditcardoperations.ReadmoreSource(s):BancodePortugalValueofbankingoperationsinPortugalfrom2018to2022,bytypeofpaymentinstrument(inbillioneuros)ValueofbankingoperationsinPortugal2018-2022,bytypeofpaymentinstrumentElectroniccredittransfersDirectdebitinstructionsDebitcardoperationsCreditcardoperationsPaymentcardoperations*1,6001,4001,2001,00080060040020002018201920202021202230Description:InPortugal,thevalueofbankingoperationsincreasedduringtheconsideredperiodforalltypesofpaymentinstruments.In2022,thereweremorethan128billioneurostransactedaspartofpaymentcardoperations.Directdebitinstructionsreachedthevalueofalmost40billioneuros,surpassingonlycreditcardoperations.Thehighestvaluewasreachedbyelectroniccredittransfers,whichamountedto1.5trillioneuros.

ReadmoreNote(s):Portugal;2018to2022;*Paymentcardoperationsresultfromthesumofdebitcardandcreditcardoperations.ReadmoreSource(s):BancodePortugalOverdueloansratioinPortugalfromOctober2018toMarch2024,bytypeMonthlyoverdueloansratioinPortugal2018-2024,bytypePrivateindividuals-HousepurchasePrivateindividuals-ConsumptionandotherpurposesNon-financialcorporations12%10%8%6%4%2%0%31Description:InPortugal,inMarch2024,oftheloansgrantedtoindividualsforhousepurchase,only0.3percentwentintodefault,whilethatindicatoralmostcorrespondedtothreepercentinloanstoindividualsforotherpurposes.Oftheloansgrantedtonon-financialcorporations,twopercentwentintodefaultduringthesamemonth.ReadmoreNote(s):Portugal;October2018

toMarch2024Source(s):BancodePortugalNon-performingloans(NPL)asashareofgrossloansinPortugalfrom2ndquarter2015to4thquarter2023Non-performingloansratioinPortugalQ12015-Q4202325%20%15%10%5%0%32Description:Thenon-performingloans(NPL)ratioinPortugalhasdecreasedduringthelastyears.ThehighestshareofNPLamonggrossloansinthecountryoccurredinthesecondquarterof2016,atover20percent.From2017onwards,theratiohassteadilydecreased,arrivingat2.6percentinthefourthquarterof2023.ReadmoreNote(s):Portugal;2ndquarter2015to4thquarter2023Source(s):ECBValueofloansgrantedbybankstoprivateindividualsinPortugalfromSeptember2022toMarch2024,byregion(inbillioneuros)LoanstoprivateindividualsinPortugal2022-2024,byregionAltoMinhoCávadoAveDouroPortoMetropolitanAreaTerrasdeTrás-os-MontesViseuDãoLafõesMédioTejoAltoTâmegaTâmegaeSousaRegiãodeAveiroBeiraBaixaRegiãodeCoimbraBeiraseSerradaEstrelaGreaterLisbonRegiãodeLeiriaOesteLezíriadoTejoBaixoAlentejoPenínsuladeSetúbalAlentejoCentralAlentejoLitoralAlgarveAltoAlentejoAutonomousRegionofAzoresAutonomousRegionofMadeira4035302520151050Sep2022Oct2022Nov2022Dec2022Jan2023Feb2023Mar2023Apr2023May2023Jun

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AugSep2023Oct2023Nov2023Dec2023Jan2024Feb2024Mar20242023202333Description:InPortugal,asofMarch2024,banksloaned20.66billioneurostoprivateindividualsintheregionofPorto,whileGreaterLisbonsurpassedthevalueof34billioneurosloaned.Overall,banksloanedmorethan128.226billioneurosinPortugalduringthesamemonth.ReadmoreNote(s):Portugal;September2022toMarch2024Source(s):BancodePortugalAnnualrateofchangeinloansgrantedtonon-financialcorporationsinPortugalfromOctober2018toOctober2023Monthlychangeinloansgrantedtonon-financialcorporationsinPortugal2018-202312%10%8%6%4%2%0%-2%-4%-6%Oct

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Oct201820182019201920192019201920192020202020202020202020202021202120212021202120212022202220222022202220222023202320232023202334Description:InPortugal,theannualrateofchangeinloansgrantedtonon-financialinstitutionssufferedfluctuationsduringtheperiodconsidered.AsofFebruary2021,therewere11percentmoreloansgrantedtonon-financialcorporationscomparedtothesametimeinthepreviousyear.Fromthattimeonwards,loansdecreased,culminating,inOctober2023,inthenegativefigureofless3.3percentloans.ReadmoreNote(s):Portugal;October2018toOctober2023Source(s):BancodePortugalAnnualaverageinterestrateonnewresidentialloansinPortugalfrom2007to2022AnnualaverageinterestrateonnewmortgageloansinPortugal2007-20226.0%5.42%4.78%5.0%4.0%3.0%2.0%1.0%0.0%3.89%3.74%3.26%3.24%3.21%2.69%2.43%2.38%1.9%20161.59%20171.38%20181.1%20190.8%20200.83%2021200720082009201020112012201320142015202235Description:TheannualaverageinterestrateonnewresidentialloansinPortugalgenerallydecreasedbetween2007and2022withsomefluctuationintheyearsbefore2012.From4.78percentin2007,theannualaverageinterestratereducedto0.83percentin2021.In2022,itdramaticallyincreasedto3.24percent.ReadmoreNote(s):Portugal;2007to2022Source(s):ECB;EuropeanMortgageFederation;FederalReserveCHAPTER

04InvestmentbankingNumberofmergersandacquisitions(M&A)transactionsinPortugalfrom2018to2022,bytypeNumberofM&AdealsinPortugal2018-2022,bytypeInboundOutbound1201008060402002018201920202021202237Description:InPortugal,thenumberofmergersandacquisitions'(M&A)transactionsincreasedduringtheobservedperiodforinbounddeals,butdecreasedforoutbounddeals.In2018,therewere59inboundM&Adeals,while,in2022,theytotaled83.Duringthesameyear,therewere19outboundM&A,decreasingbyonecomparedto2018.ReadmoreNote(s):Portugal;2018to2022Source(s):Dealogic;IFLRValueofmergersandacquisitions(M&A)transactionsinPortugalfrom2018to2022,bytype(inmillionU.S.dollars)ValueofM&AdealsinPortugal2018-2022,bytypeInboundOutbound14,00012,00010,0008,0006,0004,0002,00002018201920202021202238Description:InPortugal,thevalueofmergersandacquisitions'(M&A)transactionsmostlydecreasedduringtheobservedperiod.In2019,inboundM&AdealsinthecountryrepresentedmorethanfivebillionU.S.dollars,but,in2022,theyhadthevalueof1.8billionU.S.dollars.Duringthesameyear,outboundM&Aconsistedof940.34millionU.S.dollars,whichwasadecreasecomparedtothevaluerecordedin2020.

ReadmoreNote(s):Portugal;2018to2022Source(s):Dealogic;IFLRNumberofinitialpublicofferings(IPO)transactionsinPortugalfrom2017to2024NumberofIPOdealsinPortugal2017-20243.53.02.5322222222.01.51.00.50.02017201820192020202120222023202439Description:Initialpublicofferings(IPOs)areexpectedtoremainstableinPortugal.From2017to2024,thereweretwoIPOseachyear,withtheexceptionof2022,whenthreeIPOstookplace,accordingtoStatista'sDigitalMarketInsights.

ReadmoreNote(s):Portugal;2017to2024Source(s):DigitalMarketInsightsValueofinitialpublicoffering(IPO)transactionsinPortugalfrom2017to2024(inmillioneuros)ValueofIPOdealsinPortugal2017-202418016014012010080156.7108.956.312019604015.52012.812.41.631.560201720182020202120222023202440Description:Theexpectedvalueofinitialpublicofferings(IPOs)inPortugalfluctuatedduringtheperiodanalyzed.From2017to2021,IPOtransactionvalueincreasedupto157millioneuros,accordingtoStatista'sDigitalMarketInsights.However,asharpdeclinefollowedand,by2024,thetransactionvalueofIPOswassetat15.5millioneuros.ReadmoreNote(s):Portugal;2017to2024Source(s):DigitalMarketInsightsCHAPTER

05MobileandonlinebankingOnlinebankingpenetrationrateinPortugalfrom2012to2023PenetrationrateofonlinebankinginPortugal2012-202370%58.88%60%57.45%52.83%50%40%30%20%10%0%47.06%41.95%38.55%31.29%28.87%28.22%25.27%24.62%22.62%20122013201420152016201720182019202020212022202342Description:InPortugal,online