Total deposits rose in January by €148.8m, to almost €49bn, as total loans fell by €86.4m, to €54.9bn, the Central Bank of Cyprus said.
The increase in deposits last month is mainly attributable to a €89.6m rise in deposits held by non-financial corporations, to €11.2bn, and a €57.3m rise in deposits held by other financial intermediaries, to €6.3bn, the Central Bank said in a statement on its website on Tuesday. The deposits held by insurance companies rose by €33.3m, to almost €2bn, while those held by households and the government fell by €17.2m and €14.2m, to €28.5bn and €945.9m, respectively.
The decrease in loans in January resulted mainly from a €80.9m decline in outstanding loans of other financial intermediaries accompanied by a €28.7m drop in household loans, the Central Bank said. Loans extended to non-financial corporations rose last month by €20.6m, to €22.8bn, and those to the government and insurance companies increased by €2.5m and €0.1m, to €833m and €14.9m. The drop in household loans was mainly on a €40.8m reduction in overall mortgages, to €12.9bn, partly offset by a €17.7m increase in consumer loans, to €2.7bn.