Increase in loans and deposits in May reports Central Bank of Cyprus

The Central Bank of Cyprus (CBC) reported on Thursday that both deposits and loans increased in May, according to the latest figures in their Monetary and Financial Statistics report for June 2024.

Deposits up in May

Total deposits went up by €925.7 million in May 2024, a significant jump from the €209.1 million increase seen in April. This brought the annual growth rate of deposits to 2.8%, up from 1.4% in April. By the end of May, the total amount of deposits reached €53.3 billion.

Most of this increase came from deposits by Cyprus residents, which rose by €778.8 million. Specifically, household deposits grew by €107.6 million, and deposits from non-financial businesses increased by €315.1 million. Other domestic sectors also had a rise, totaling €356.0 million.

Loans increase

Positive trends were also seen in total loans, which increased by a net amount of €70.2 million in May 2024. This is a recovery from the net reduction of €278.6 million in April. By the end of May, the total amount of loans had grown by €24.9 billion, with an annual growth rate of 1.2%.

Loans to citizens of Cyprus went risen by €59.6 million. Within this, loans to non-financial businesses increased by €62.2 million while loans to households increased by €3.4 million. Loans to other domestic sectors did, however, see a little decline of €6.0 million.

These figures from the CBC show a positive development in the financial sector in Cyprus, since both deposits and loans have increased in May 2024.