On Friday 25th October the Central Bank of Cyprus released fresh data on loans and deposits for the month of September.
According to the country's main financial institution, the island nation's banking system saw growth in both new deposits and loans.
Deposits
Total cash in deposit accounts with banks in Cyprus rose to €485.7m in September 2024, compared with a net increase of €288.5m in August 2024. The annual growth rate was 4.5%, compared with 3.8% in the previous month. Deposit balances reached €54 billion in September 2024.
Looking at the details, deposits of Cypriot residents increased by €435.8 million. In particular, deposits of households and non-financial corporations increased by €112.8 million and €367.9 million respectively. Deposits of the other resident sectors registered an overall decrease of €44.9 million.
Loans
Total loans increased by 107.3 million euro, compared with a net decrease of 74.9 million euro in August 2024. The annual rate of change of total loans reached %, compared with 1.7% in the previous month of 2024. The total stock of loans reached 25 billion euro in August 2024.
It is worth noting that from January 2021 to April 2024, the maximum outflow from Cypriot banks occurred in March 2022 (€1.071 bn), while the highest inflow occurred in December 2022 (+€586.3 mn).
Loans to Cypriot residents increase by €39.4 million in September 2024. Loans to households increased by €27.7 million, while loans to non-financial corporations decreased by €11.2 million. Loans to other sectors of the economy increased by a total of 22.9 million euro.