The Central Bank of Cyprus reported on Friday that total lending in Cyprus increased by 107.3 million euros in September, reversing the decline recorded in the previous month.
This growth was primarily driven by an increase in household lending.
In addition, deposits increased by €485.7 million, driven by a significant increase in corporate deposits by €367.9 million.
According to the central bank’s Monetary and Financial Statistics Report for September 2024, total deposits recorded a net increase of €485.7 million, compared to an increase of €288.5 million in August 2024.
The annual growth rate of total deposits rose to 4.5% from 3.8% in August, with total deposits reaching 54 billion euros in September.
Deposits of Cypriot residents increased by 435.8 million euros. Specifically, household deposits increased by 112.8 million euros, and non-financial corporate deposits increased by 367.9 million euros.
However, deposits in other domestic sectors decreased by a combined €44.9 million.
Meanwhile, total loans had a net increase of €107.3 million in September 2024, in contrast to a decrease of €74.9 million in August.
The annual growth rate in total loans rose to 2.0% from 1.7% in August, with outstanding loans reaching 25 billion euros by the end of September.
Loans to Cypriot residents increased by €39.4 million. Specifically, loans to households increased by 27.7 million euros, while loans to non-financial corporations decreased by 11.2 million euros.
Finally, other domestic sector lending had a net increase of €22.9 million.
