Economy category powered by
Cypriot banks grant almost €3b in fresh loans in 2023
11:05 - 11 January 2024
Cypriot banks continued to grant loans at a steady pace throughout almost the whole of 2023, despite rising interest rates, lending out almost €3b in total net new loans by November.
According to the Central Bank of Cyprus (CBC), in November 2023, net new loans amounted to €257.8m, dropping 0.2% compared to the same month the previous year.
Business loans exceeding €1m saw a significant 12.4% year-on-year decrease, reaching €99.7m, while housing loans rose by 5.9% to total €87.8m.
From January to November 2023, total net new loans approached €3b, reflecting a 4.94% increase compared to the same period the previous year. Large business loans, making up almost 43% of the total, played a significant role in driving this growth.
Loans for house purchases rose by an annual 5.9% in November to reach €87.8m, from €82.9m in November 2022.
New corporate lending declined by 2.97% year on year in November, amounting to €42.4m compared with €43.9m the year before.
Consumer credit rose by 72% in November, reaching €21.3m compared with €12.4m in November last year, whereas other pure new credit rose by 22% year on year, reaching €6.6m from €5.4m in November 2022.
News Feed
15 hours, 30 minutes ago Current Affairs
Christodoulides and El-Sisi stress need for de-escalation in region15 hours, 55 minutes ago People
Dr Demis Hassabis awarded Nobel Prize in Chemistry16 hours, 10 minutes ago People
Panagiotis Trisokkas named new president of the National Betting Authority16 hours, 40 minutes ago Technology
Snapchat becomes Exclusive Partner of TechIsland MarComms Community17 hours, 14 minutes ago Financial Services
AB CarVal Investments sells 3% of its shares in the Bank of Cyprus for €4.20 per share17 hours, 37 minutes ago Financial Services
Patsalides’ message to the banks over the risk to their image and reputation18 hours, 29 minutes ago Technology
Christodoulides: Cabinet approving purchase of 100,000 e-IDs