Cyprus sees surge in deposits and loans in February

Total deposits in Cyprus saw a significant net increase of €65.4 million in February 2024, rebounding from a substantial decrease of €366 million during the previous month, according to a report on deposits and loans for February 2024 released by the Central Bank of Cyprus (CBC) this week.

The report also noted that loans experienced a notable net increase of €348.9m, following a net decrease of €122.9m in January 2024.

Specifically, household deposits increased by €41.2m, with their loans slightly decreasing. Concerning companies, they increased their loans by €60.6m while reducing their deposits by €63.0m.

In detail, total deposits in February 2024 recorded a net increase of €65.4m, compared to a net decrease of €366m in January 2024, reaching €52 billion in total.

The annual growth rate of total deposits reached 0.3 per cent, compared to 0.8 per cent in January 2024.

Cypriot residents’ deposits increased by €101.8m.

Moreover, according to the CBC, total loans in February 2024 recorded a net increase of €348.9m, compared to a net decrease of €122.9m in January 2024, reaching €25bn.

The annual growth rate of total loans reached 1.5 per cent, compared to 0.4 per cent in January 2024.

In detail, loans to households decreased by €3.9m, while loans to non-financial corporations increased by €60.6m. Loans to other domestic sectors increased by €21.2m.

What is more, the CBC noted that other domestic sectors include investment firms, other financial intermediaries, supplementary financial intermediaries and institutions, financial institutions’ subsidiaries and money lenders, insurance companies and pension funds, and general government.