Economy category powered by

June bank deposits rise sharply, loans up as well

Deposits in Cyprus’ banking system rose sharply by €399.2m in June, with total loans also increasing by €123.2m, according to data released by the Central Bank of Cyprus (CBC).

It said that in the month of June, total deposits reached €52.3b, while loans totalled €25.1b, recording an increase for a second consecutive month. Liquidity in the banking system amounted to €27.2b.

Total deposits in June recorded a net increase (excluding changes resulting from reclassifications, exchange rate and other adjustments) of €399.2m, compared with a net increase of €164.8m the month before.

The annual growth rate stood at 2.7%, compared with 2.6% in May, while the outstanding amount of deposits reached €52.3b.

The biggest monthly changes in total deposits resulted from deposits made from other financial intermediaries (including investment organisations), which rose by €248.1m, non-financial corporations which recorded a net increase of €156.9m, while household deposits rose by €23.9m. At the same time, deposits of insurance corporations and pension funds declined by €42.1m.

Total loans in June also observed a net increase of €123.2m, following a net increase of €90.6m in May.

Compared with June 2022, loans declined by 1.2%, compared with an annual drop of 1.3% the month before.

The outstanding amount of total loans reached €25.1b in June. The amount of loans held by non-financial corporations rose by €78.4m whereas loans held by households rose by €42.8m, of which €29.4m were housing loans.

Read More

Cyprus and Lebanon reaffirm commitment to deepen bilateral cooperation
Wizz Air to resume flights to Tel Aviv early
Preparations for the 13th Invest Cyprus International Investment Awards are in the final stretch (pics)
CIFA and UCY's Department of Accounting and Finance sign MoU
Baker Tilly South East Europe welcomes Mark Lumsdon-Taylor
Parklane, a Luxury Collection Resort & Spa, Limassol, Unveils Yacht Experience in Collaboration with Diamantides Yachting
European Affairs Minister and British official discuss deepening cooperation
Vafeades and Regev discuss strengthening Cyprus-Israel cooperation on transport
Announcement on 'Pegasus 1' gas discovery, “an optimistic message”, Energy Minister says
Vehicle registrations down 1.1% in H1, saloon cars drop 3%