Deposits and loans in the Cypriot financial system both experienced an increase in May of this year, according to a report released this week by the Central Bank of Cyprus (CBC).
The data shows that deposits in May 2024 saw a net increase of €925.7 million, compared to a net increase of €209.1 million in April 2024.
The annual growth rate of total deposits reached 2.8 per cent, up from 1.4 per cent in April of this year. In addition, the total balance of deposits in May stood at €53.3 billion.
Deposits from Cypriot residents saw an increase of €778.8 million. More specifically, household deposits and deposits from non-financial corporations rose by €107.6 million and €315.1 million, respectively.
What is more, deposits from other domestic sectors also increased, amounting to €356 million.
Meanwhile, total loan issuance grew by €70.2 million, compared to a net decrease of €278.6 million in April 2024.
The annual growth rate of total loans remained steady at 1.2 per cent, the same as in April 2024.
Moreover, the total balance of loans in May 2024 reached €24.9 billion. Loans to Cypriot residents increased by €59.6 million.
In more detail, loans to households and non-financial corporations rose by €3.4 million and €62.2 million, respectively.
Finally, loans to other domestic sectors saw an overall decrease of €6.0 million.
