April deposits up for third month in row, loans decline

08:21 - 30 May 2024

Economy Financial Services

Total deposits recorded a monthly rise for the third consecutive month in April, as total loans dropped after two months of growth, according to the Monetary and Financial Statistics released by the Central Bank of Cyprus (CBC).

Total deposits recorded a net increase (transactions excluding changes resulting from reclassifications, exchange rate and other adjustments) of €209.1m, compared with a net increase of €252.1m in March 2024.

The annual growth rate of total deposits accelerated to 1.4%, compared with 0.6% in March 2024.

The outstanding balance of total deposits amounted to €52.5b in April 2024.

Deposits of Cyprus residents exhibited an increase of €256.9m. According to the CBC, deposits of households and non-financial corporations increased by €33.5m and €136.2m respectively, whereas deposits of the remaining domestic sectors also rose by €87.1m.

On the other end of the spectrum, total loans recorded a net decrease of €278.6m in April, compared with a net increase of €133.1m in March, with total loans registering an annual growth rate of 1.2%, compared with 1.8% the previous month.

The outstanding amount of total loans stood at €24.9b in April 2024.

Loans to Cyprus residents decreased by €320.4m. More analytically, loans to households increased by €2.0m, while loans to non-financial corporations recorded a decrease of €51.2m.

Loans to the remaining domestic sectors exhibited a total decrease of €271.3m, the CBC said.

April deposits up for third month in row, loans decline

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