Cyprus sees rise in loans and deposits in September
The Central Bank of Cyprus reported on Friday that total loans in Cyprus increased by €107.3 million in September, reversing a decline recorded in the previous month.
This growth was primarily driven by an uptick in loans to households.
In addition, deposits also surged by €485.7 million, largely due to a significant €367.9 million rise in company deposits.
According to the Central Bank’s September 2024 monetary and financial statistics report, total deposits recorded a net increase of €485.7 million, compared to a €288.5 million rise in August 2024.
The annual growth rate for total deposits climbed to 4.5 per cent, up from 3.8 per cent in August, with the total balance of deposits in September reaching €54 billion.
Cypriot residents’ deposits grew by €435.8 million. Specifically, household deposits increased by €112.8 million, while non-financial corporations’ deposits rose by €367.9 million.
Other domestic sectors, however, showed a combined decrease of €44.9 million in deposits.
Meanwhile, total loans saw a net increase of €107.3 million in September 2024, in contrast to a €74.9 million decrease in August.
The annual growth rate of total loans rose to 2.0 per cent, up from 1.7 per cent in August, with the outstanding loan balance reaching €25 billion by the end of September.
Loans to Cypriot residents rose by €39.4 million. Specifically, loans to households increased by €27.7 million, while loans to non-financial corporations fell by €11.2 million.
Finally, loans in other domestic sectors experienced a net increase of €22.9 million.