June bank deposits rise sharply, loans up as well

07:47 - 27 July 2023

Economy

Deposits in Cyprus’ banking system rose sharply by €399.2m in June, with total loans also increasing by €123.2m, according to data released by the Central Bank of Cyprus (CBC).

It said that in the month of June, total deposits reached €52.3b, while loans totalled €25.1b, recording an increase for a second consecutive month. Liquidity in the banking system amounted to €27.2b.

Total deposits in June recorded a net increase (excluding changes resulting from reclassifications, exchange rate and other adjustments) of €399.2m, compared with a net increase of €164.8m the month before.

The annual growth rate stood at 2.7%, compared with 2.6% in May, while the outstanding amount of deposits reached €52.3b.

The biggest monthly changes in total deposits resulted from deposits made from other financial intermediaries (including investment organisations), which rose by €248.1m, non-financial corporations which recorded a net increase of €156.9m, while household deposits rose by €23.9m. At the same time, deposits of insurance corporations and pension funds declined by €42.1m.

Total loans in June also observed a net increase of €123.2m, following a net increase of €90.6m in May.

Compared with June 2022, loans declined by 1.2%, compared with an annual drop of 1.3% the month before.

The outstanding amount of total loans reached €25.1b in June. The amount of loans held by non-financial corporations rose by €78.4m whereas loans held by households rose by €42.8m, of which €29.4m were housing loans.

June bank deposits rise sharply, loans up as well

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