articles | 30 May 2024

Deposits in Cyprus rise for third consecutive month, loans decrease

Deposits in the Cypriot banking system increased for the third consecutive month in April of this year, while loans recorded a net decrease after two months of growth, according to data from the Central Bank of Cyprus (CBC) released this week.

According to the CBC, total deposits in April saw a net increase (transactions excluding reclassifications, exchange rate, and other adjustments) of €209.1 million, compared to a net increase of €252.1 million in March of this year. The annual growth rate of total deposits reached 1.4 per cent, compared to 0.6 per cent in March 2024. What is more, the CBC reported that the total balance of deposits in April 2024 reached €52.5 billion. This rise is attributed to deposits from residents of Cyprus, which increased by €256.9 million. More specifically, household deposits and non-financial corporation deposits rose by €33.5 million and €136.2 million, respectively. Deposits from other domestic sectors also increased, amounting to €87.1 million.

Meanwhile, total loans in April 2024 saw a net decrease of €278.6 million, compared to a net increase of €133.1 million in March 2024. The annual growth rate of total loans reached 1.2 per cent, compared to 1.8 per cent in March 2024. The total balance of loans in April 2024 reached €24.9 billion. More specifically, loans to households increased by €2.0 million, while loans to non-financial corporations decreased by €51.2 million.

Finally, loans to other domestic sectors collectively recorded a decrease of €271.3 million.

Source: Cyprus Mail

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