New loans in Cyprus increased in March 2023, reaching a total of €922.5 million, up from €527.5 million in the previous month, according to data released by the Central Bank of Cyprus (CBC).

However, it should be noted that most of the new loans recorded were restructured loans.

In March, new contracts amounted to €284.6 million while restructured loans amounted to €637.9 million.

Despite the high number of renegotiated loans, the data showed an increase in new consumer loans, which rose to €30.7 million compared to €16.3 million in the previous month. Of these loans, net new loans accounted for €21.3 million while renegotiated loans had a total value of €9.4 million.

The figures also revealed an increase in new loans for home purchases, rising to €199.5 million, compared to €85.5 million in the previous month. Of these, net new loans accounted for €90.6 million, while renegotiated loans had a value of €109 million.

New loans to non-financial companies for amounts up to €1 million increased to €109.0 million, up from €44.5 million in the previous month. Of these, net new loans accounted for €51.7 million and renegotiated loans for €57.3 million.

New loans to non-financial companies for amounts above €1 million also registered an increase, rising to €571.2 million, compared to €374.0 million in the previous month. Of these, net new loans accounted for €115.6 million, while renegotiated loans reached €455.5 million.

The remaining new loans amounted to €12.1 million, with €5.4 million being net new loans, and €6.7 million being renegotiated loans.