Cyprus Mail
Banking and FinanceBusinessCyprus Business News

Cyprus investment firms increase by 4.6 per cent — assets plummet by 24.6 per cent

cyprus banking business now bank banking cbc central bank 1 banks

The third quarter of 2023 saw a significant decline in the assets of investment organisations in Cyprus, despite a rise in their numbers, according to a report released on Friday by the Central Bank of Cyprus (CBC) for September.

The report revealed a 4.6 per cent increase in the total number of these organisations, soaring from 307 in June 2023 to 321 in September 2023.

However, their total assets experienced a substantial decrease of 24.6 per cent, dwindling from €8.68 billion in June 2023 to €6.55 billion in September 2023.

The dip in asset value has been attributed primarily to stock acquisitions by these investment bodies, a repercussion of corporate restructuring within Cyprus, as explained by the Central Bank.

Moreover, data also indicated a drop in the overall value of stocks and related titles within the investment organisations’ assets, declining to €4.64 billion in September 2023 from €6.71 billion in June of the same year.

Deposits and loans within these organisations decreased to €758 million, compared to €875 million in June.

However, the value of securities within the investment organisations surged to €614 million in September 2023 from €585 million in June of the same year.

Additionally, non-financial aspects of their assets, including fixed elements, grew to €355 million from €346 million.

Finally, other asset components, encompassing financial derivatives, increased to €180 million from €172 million in June.

Follow the Cyprus Mail on Google News

Related Posts

UBS sees shift in new billionaires away from entrepreneurs to inherited wealth

Reuters News Service

UK’s Metro Bank eyes axing up to 20 per cent headcount, seven-day banking

Reuters News Service

Limassol court awards €5.7 million to Laiki Bank depositors

Elias Hazou

OPEC+ agrees preliminary oil cut deal of over 1 million bpd, sources say

Reuters News Service

Cyprus tech sector set to benefit from updated citizenship framework

Staff Reporter

How hedge funds view the fate of king dollar

Reuters News Service