Total new loans in May spiked to €1,07 billion, more than doubled from the previous month due renegotiated loans for which new contracts were signed, while fresh new credit rose to €536.5 million.

According to data published by the Central Bank of Cyprus, total pure new loans amounted to €556.8 million compared with €202 million in the previous month.

Corporate loans over €1 million received the lions’ share of new lending with €351 million pure news loans, followed by loans for house purchase which almost doubled compared with the previous month, amounting to €105 million.

New corporate lending up to €1 million amounted to €49 million.

According to the CBC, consumer lending amounted to 22,7 million, while other loans were €9.7 million.

Furthermore, total renegotiated loans for which new contracts are signed amounted to €536.4 million, as borrowers and particularly corporations reschedule their loans due to rising interest rates.

Renegotiated corporate loans over €1 million amounted to €402.5 million, while again housing loans restructurings followed with €66.2 million. Renegotiated corporate loans up to €1 million amounted to €40.9 million.

Consumer renegotiated loans amounted to €6.5 million while other loan restructurings were €20.9 million.