Total deposits have 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 on Wednesday by the Central Bank of Cyprus (CBC), total deposits in April 2024 recorded a net increase (transactions excluding changes resulting from reclassifications, exchange rate and other adjustments) of €209.1 million, compared with a net increase of €252.1 million 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 €52.5 billion in April 2024, the CBC added.

Deposits of Cyprus residents which exhibited an increase of €256.9 million.

According to the CBC, deposits of households and non-financial corporations increased by €33.5 million and €136.2 million respectively, whereas deposits of the remaining domestic sectors also rose by €87.1 million.

Furthermore, total loans in April 2024 recorded a net decrease of €278.6 million, compared with a net increase of €133.1 million in March 2024, with total loans registering an annual growth rate of 1,2%, compared with 1,8% in the previous month.

The outstanding amount of total loans stood at €24.9 billion in April 2024, the CBC added.

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

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