Bank deposits and loans record sharp increase in February

Total deposits in February recorded a significant net increase by €65.4 million following a decrease of €366.0 million the previous month, while loans recorded a large net increase of €348.9 million after a net decrease of €122.9 million recorded in January 2024.

According to the Central Bank of Cyprus’ Monetary Financial Institutions (MFIs) deposits and loans statistics for February 2024 - which are included in the March 2024 edition of Monetary and Financial Statistics - total deposits in February 2024 recorded a net increase of €65,4 million, compared with a net decrease of €366,0 million in January 2024.

It adds that the annual growth rate of total deposits stood at 0.3%, compared with 0.8% in January 2024. The outstanding amount of total deposits reached €52,0 billion in February 2024.

Deposits of Cyprus residents, it notes, exhibited an increase of €101,8 million. More analytically, households’ deposits increased by €41,2 million, while deposits of non-financial corporations recorded a decrease of €63,0 million. Deposits of the remaining domestic sectors exhibited a total increase of €123,7 million.

Total loans in February 2024 recorded a net increase of €348,9 million, compared with a net decrease of €122,9 million in January 2024. The annual growth rate of total loans stood at 1.5%, compared with 0.4% in January 2024. The outstanding amount of total loans reached €25,0 billion in February 2024.

The CBC says that loans to Cyprus residents exhibited an increase of €77,9 million. More analytically, loans to households decreased by €3,9 million, while loans to non-financial corporations recorded an increase of €60,6 million. Loans to the remaining domestic sectors exhibited a total increase of €21,2 million, the CBC concludes.