Credit Suisse Group AG was the sole outlier in otherwise stable loan-to-deposit ratios at European banks as of the end of 2022.

The Swiss bank's loan-to-deposit ratio jumped to 113.26% as of Dec. 31, 2022, from 74.25% a year prior, S&P Global Market Intelligence data shows. The bank experienced major deposit outflows in the fourth quarter of 2022, which continued into early 2023 and ultimately led to its forced merger with UBS Group AG.

The aggregate loan-to-deposit ratio among a sample of Europe's largest banks rose to 103.16% in 2022 from 101.61% over the same period in 2021. However, when removing Credit Suisse from the group, the ratio dipped marginally to 102.74% from 102.75%.

In keeping with previous periods, Nordic lenders had the highest loan-to-deposit ratios, led by Svenska Handelsbanken AB (publ), Danske Bank A/S and Nordea Bank Abp. UK-based HSBC Holdings PLC, Standard Chartered PLC and Barclays PLC had the lowest ratios.

The volume and constitution of banks' deposits and lending have come into sharp focus amid a tumultuous period for the industry. Silicon Valley Bank experienced a rapid outflow of deposits in March after concerns mounted about unrealized losses in its bond portfolio, which the bank grew to offset decreased lending opportunities.

The run on the SVB Financial Group-owned bank was hastened by the concentration of its deposits among venture capital-backed corporates and led to its collapse. Retail deposits are often considered "stickier" than corporate deposits, in part because they are more likely to qualify for deposit protection schemes.

The makeup of deposit books depends greatly on a bank's business model. For example, more than 70% of Skandinaviska Enskilda Banken AB (publ)'s deposit book is among corporates, in keeping with its focus on investment banking and advisory activities. Erste Group Bank AG, meanwhile, started as an Austrian savings bank and is now a major retail bank in several central and Eastern European markets. Almost 70% of its deposits are in the retail segment, Market Intelligence data shows.

On a country level, the deposit picture was mixed. Monetary financial institutions in France and Germany continued the trend seen across Europe in recent years with deposit growth for full year 2022. However, deposits dipped slightly in Spain, Italy and the Benelux region.

Of the major markets, Italy and Spain were the only ones with complete data that recorded lower total loans year over year. Loan growth was strongest in the Benelux region at 6.4%.

* Access ECB data on French MFI loans and German MFI deposits.