On Wednesday 12th February the Central Bank of Cyprus published its new monthly report on the interest rates on deposits and loans offered by local financial institutions to the population of the island.
The average variable interest rate on housing loans in Cyprus rose to 4.75% in December 2024, from 4.5% the previous month. At the same time, a decrease to 4.15% was recorded in the euro area.
The highest rates in this category were offered by Societe Generale - 6.6%, Bank of Cyprus - 5.35%, Astrobank - 4.30% and Hellenic Bank - 4.27%. On the contrary, the most favourable conditions were offered by the Housing Finance Organisation with 3.32%, Alpha Bank with 3.40%, Eurobank with 3.41% and Ancoria with 3.83%.
The banks offering the highest interest rates on loans to enterprises of up to €1 million in December 2024 were Banque SBA with 7.28%, Bank of Cyprus with 5.34%, Ancoria with 5.18% and Alpha Bank with 5.03%. The lowest rates were charged by Hellenic Bank (4.66%) and Ancoria Bank (4.7%). The average interest rate on loans to small businesses in Cyprus was 5.14%, compared with 5.10% in November.
The banks offering the highest interest rates on loans to enterprises over €1 million in December 2024 were Societe Generale (6.07%), Hellenic Bank (5.41%), Ancoria (5.13%), National Bank - (4.71%). The lowest rates were charged by Eurobank (4.12%), Bank of Cyprus (4.58%) and Cyprus Development Bank (4.66%). The average interest rate on loans to large enterprises in Cyprus was 4.7%, down from 5.63% in November.
Regarding interest rates on "deposits of households up to 1 year in euro", the average rate for all banks in Cyprus was 0.08%, compared with 1.78% in November. The corresponding rate in the euro area was 2.45%, down from 2.61%. The most favourable conditions for the population were offered by Arab Jordan Investment Bank SA (3%), Eurobank (2.17%), Jordan Ahli Bank (1.87%), Cyprus Development Bank (1.76%), Bank of Cyprus (1.71%), Housing Finance Organisation (1.67%), Ancoria (1.56%), Astrobank (1.54%). And the least favourable are Alpha Bank (1.35%) and Hellenic Bank (1.38%).
Finally, the average rate for corporate deposits up to 1 year in December 2024 was 1.74%, compared to 1.99% in November. The highest rates in this category were recorded by the National Bank of Greece (2.38%), Hellenic Bank (2.02%), Jordan Ahli Bank (1.88%), Bank of Cyprus (1.83%), Eurobank (1.69%), Ancoria (1.67%), Astrobank (1.53%) and Alpha Bank (1.45%). On the other hand, the lowest interest rates were charged by the Housing Finance Organisation (0.52%) and the Cyprus Development Bank (1.2%).