Total deposits in Cypriot banks increased by nearly half a billion euros in February 2025, according to a report released this week by the Central Bank of Cyprus (CBC).

Specifically, the net increase amounted to €498.3 million, a significant recovery compared to the net decrease of €211.3 million recorded in January 2025.

The Central Bank noted that this increase includes deposits from the sale of shares by former shareholders of Hellenic Bank to Eurobank.

The annual growth rate of total deposits accelerated to 7.7 per cent in February, up from 6.9 per cent in January.

The total balance of deposits stood at €56.2 billion at the end of February 2025.

Increase in deposits from Cyprus residents

Deposits from residents of Cyprus rose by €535.9 million during the same period. Of this increase, household deposits grew by €237.6 million.

However, deposits from domestic non-financial corporations declined by €186.2 million.

Moreover, deposits from other domestic sectors recorded a total increase of €484.5 million.

Slight change in total loans

Total loans saw a modest net increase of €42.7 million in February 2025, compared to a net decrease of €45.6 million in January.

The annual growth rate of loans slowed to 1.9 per cent, down from 3.2 per cent in the previous month.

In addition, the report showed that the total loan balance stood at €25.4 billion.

In terms of loans to residents of Cyprus, a decrease of €4.9 million was recorded.

Loans to households fell by €8.8 million, while loans to non-financial corporations dropped by €38.3 million.

However, loans to other domestic sectors rose by €42.2 million.