Cyprus banks saw increase in deposits and loans during November 2023

Cypriot banks saw a rise in deposits and loans during November 2023, according to the Monetary and Financial Statistics report, valid as of December 2023, released by the Central Bank of Cyprus (CBC) this week.

According to the report, total deposits in November 2023 showed a net increase of €91.7 million compared to a net decrease of €61 million in October 2023.

The annual rate of change in total deposits reached a positive 0.9 per cent, up from 0.7 per cent in October 2023, with the remaining total deposits in November 2023 reaching €51.9 billion.

Specifically, deposits by Cypriot residents saw a rise of €40.7 million. Within this category, household deposits decreased by €102.4 million, while deposits by domestic non-financial corporations increased by €66 million.

In addition, other domestic sectors collectively marked an increase of €77.1 million in deposits.

Moreover, overall loans in November 2023 witnessed a net increase of €15 million, in contrast to a net decrease of €212.9 million in October 2023.

Additionally, the annual rate of change in total loans reached a negative 0.2 per cent, slightly improved from a negative 0.3 per cent in October 2023, with the remaining total loans in November 2023 standing at €24.7 billion.

Furthermore, loans to Cypriot residents experienced a decrease of €45.5 million.

Specifically, loans to households increased by €8.2 million, while loans to non-financial corporations decreased by €71.1 million.

Finally, the report noted that loans to other domestic sectors collectively increased by €17.5 million.