Cyprus Business Now

The total amount of deposits in the Cypriot banking system reached the highest level of the last nine years in September 2022, while loans stood at a five-month low, according to a report released this week by the Central Bank of Cyprus (CBC).

According to the report, total deposits in September 2022 recorded a net increase of €148.0 million, compared to a net increase of €173.7 million in August 2022.

The annual rate of change came in at 0.6 per cent, compared to 0.4 per cent in August 2022, while the balance of deposits in September 2022 reached €51.8 billion, the highest level since June 2013.

What is more, household deposits (domestic residents) reached €26.36 billion in September 2022, which is the highest level since January 2013.

In addition, business deposits stood at €10.34 billion, the highest level since May 2012.

Moreover, according to central bank data, total loans in September 2022 recorded a net decrease of €110.9 million, compared to a net decrease of €100.0 million in August 2022.

The annual rate of change reached 1.4 per cent, compared to 1.9 per cent in August 2022.

The balance of total loans in September 2022 reached €28.3 billion, the lowest level since last April.

Loans to households (domestic residents) amounted to €11.51 billion in September 2022, of which €8.65 billion relate to housing loans, €1.34 billion to consumer loans and €1 51 billion concerned other loans, while loans to businesses totalled €10.51 billion.

Finally, the Central Bank of Cyprus noted that the figures for the period between January and May 2022 have been revised as a result of the annual audit of the financial statements of monetary and financial institutions for 2021.

Eurobank on Thursday announced that it has been named ‘Best Private Bank 2023’ in both Cyprus and Greece, a distinction awarded by the internationally renowned American Global Finance magazine.

The bank said that the award reaffirms its consistently high-standard private banking services in the Cypriot and Greek markets.

Eurobank has received this particular award for the fourth consecutive year for its Private Banking services in Cyprus.

Moreover, it also won this award for the eighth consecutive time in the Greek market, having won this distinction since Global Finance magazine first instituted the awards.

In addition, the bank has been rewarded ten times for its services in Private Banking in Cyprus and eighteen times in total for the corresponding services in Greece, by internationally recognised bodies, with Global Finance magazine being one of them.

“This year’s new distinction by the Global Finance magazine also reflects the positive impact the Group’s upgraded Private Banking strategy has in the market,” the bank said in a statement.

“Eurobank is the only Greek financial institution offering a wide range of products and services from four geographical areas, Cyprus, Greece, Luxembourg, and the United Kingdom, to all its Private Banking customers, regardless of where they are,” it added.

According to the statement, Eurobank’s new Generation private banking model is based on business simplification, and the alignment of products, processes, and IT systems, aiming to ensure optimal services and a common experience for all private banking customers, regardless of the country where they choose to keep their investment funds.

“The Global Finance Awards bring out the banks, around the global market, that have effectively responded to their Private Banking customers’ needs, presenting strong quality features that made them stand out in their customers’ preferences and develop strong ties with them,” Eurobank explained.

“The Global Finance nomination committee selected the winners, taking into consideration recommendations from executives and sector specialists as well as key financial matters, such as return on investment, profits, and market penetration,” it added.

What is more, within the framework of independent international research, assessments of Private Banking customers were also considered, as well as the quality of services provided, the overall customer service, competitiveness, and a good knowledge of the market and the regulations governing its operation.

This year’s Global Finance evaluations were based on each nominee’s performance from July 1, 2021, until June 30, 2022.

The final results constituted a combination of international independent research and data submitted by banks.

The Cyprus Stock Exchange (CSE) ended Thursday, October 27 with profits.

The general Cyprus Stock Market Index was at 76.12 points at 13:52 during the day, reflecting a rise of 0.26 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 45.71 points, which represents an increase of 0.26 per cent.

The total value of transactions came up to €17,114.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.26 per cent and 0.48 per cent respectively.

Conversely, the hotel and alternative indexes declined by 1.91 per cent and 0.07 per cent respectively.

The biggest investment interest was attracted by Atlantic Insurance (+0.67 per cent), Demetra (+0.51 per cent), Hellenic Bank (-1.02 per cent), KEO PLC (no change), and K&G Complex (+2.19 per cent).