Portugal’s banks have grown rapidly in recent years through consolidation and asset growth, but the warning lights have already begun flashing, signalling a much-feared slowdown in the lending business that accounts for some 60% of their profits.
The customer loan book skyrocketed by an annual 22% across the sector in the 1995-2000 period and growth is still in the high double-digit range. Now a slowdown in the growth of Portugal’s economy to 2.5% in the first quarter from 3.3%
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