Cypriot banks grant almost €3b in fresh loans in 2023

11:05 - 11 January 2024

Economy

Cypriot banks continued to grant loans at a steady pace throughout almost the whole of 2023, despite rising interest rates, lending out almost €3b in total net new loans by November.

According to the Central Bank of Cyprus (CBC), in November 2023, net new loans amounted to €257.8m, dropping 0.2% compared to the same month the previous year.

Business loans exceeding €1m saw a significant 12.4% year-on-year decrease, reaching €99.7m, while housing loans rose by 5.9% to total €87.8m.

From January to November 2023, total net new loans approached €3b, reflecting a 4.94% increase compared to the same period the previous year. Large business loans, making up almost 43% of the total, played a significant role in driving this growth.

Loans for house purchases rose by an annual 5.9% in November to reach €87.8m, from €82.9m in November 2022.

New corporate lending declined by 2.97% year on year in November, amounting to €42.4m compared with €43.9m the year before.

Consumer credit rose by 72% in November, reaching €21.3m compared with €12.4m in November last year, whereas other pure new credit rose by 22% year on year, reaching €6.6m from €5.4m in November 2022.

Cypriot banks grant almost €3b in fresh loans in 2023

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