New loan contracts spike in May

08:35 - 06 July 2023

Economy

Total new loans spiked to €1.07b in May, more than double the previous month, due renegotiated loans for which new contracts were signed; fresh new credit rose to €536.5m million, according to the Central Bank of Cyprus.

Total pure new loans amounted to €556.8m compared with €202m the previous month.

Corporate loans over €1m received the lions’ share of new lending with €351m pure news loans, followed by loans for house purchase which almost doubled compared with the previous month, totalling €105m.

New corporate lending up to €1m amounted to €49m.

Consumer loans totalled €22.7m, while ‘other loans’ were at €9.7m.

Furthermore, total renegotiated loans for which new contracts were signed amounted to €536.4m, as borrowers and particularly corporations rescheduled their loans due to rising interest rates.

Renegotiated corporate loans over €1m amounted to €402.5m, while again housing loan restructurings followed with €66.2m. Renegotiated corporate loans up to €1m amounted to €40.9m.

Consumer renegotiated loans amounted to €6.5m while other loan restructurings were €20.9m.

New loan contracts spike in May

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