Total deposits in the Cypriot banking system recorded a net growth of €346 million in December, compared with the previous month, with the outstanding amount reaching €52.2 billion.

According to data published by the Central Bank of Cyprus, total loans in the last month of 2023, recorded a net (excluding changes resulting from reclassifications, exchange rate and other adjustments) increase of €284 million, with total balance amounting to €24.8 billion. The liquidity in the banking system (deposits minus loans) amounted to €27.4 billion.

Deposits rise by an annual 0.4%

According to the CBC, total deposits in December 2023 recorded a net increase of €346 million, compared with a net increase of €91.7 million in November 2023.

The annual growth rate of total deposits stood at 0,4%, compared with 0,9% in November 2023. The outstanding amount of total deposits reached €52,2 billion in December 2023, the CBC.

Deposits of Cyprus residents exhibited an increase of €388 million. Households’ deposits increased by €461 million, while deposits of non-financial corporations recorded a decrease of €252 million.

Deposits of the remaining domestic sectors (such as investment funds, other financial intermediaries, money lenders, insurance corporations and pension funds and general government) rose by €179,0 million.

Loans rise by an annual 0.7%

Total loans in December 2023 recorded a net increase of €284.2 million, compared with a net increase of €15 million in November 2023.

Compared with December 2022, total loans rose by 0.7%, compared with a 0.2% decline in November 2023.

The outstanding amount of total loans reached €24.8 billion in December 2023.

Loans to Cyprus residents recorded an increase of €132.9 million.

Household loans increased by €99 million, while loans to domestic non-financial corporations recorded an increase of €54.5 million.

Loans to the remaining domestic sectors exhibited a total decrease of €20.6 million, the CBC added.