Cyprus Experiences €977.4 Million Surge in Deposits Amid Loan Growth

Cyprus recorded a significant rise in loans in December 2024, with an increase of €503.2 million, following a decline in the previous month, according to data released by the Central Bank of Cyprus (CBC).

Simultaneously, total deposits experienced a substantial surge of €977.4 million, marking a notable increase compared to November 2024. The CBC reported that the annual growth rate of total deposits reached 6.6 per cent, up from 5.4 per cent in November. As a result, the total deposit balance climbed to €55.9 billion by the end of December.

Household deposits saw a considerable rise of €594.5 million, whereas deposits from domestic non-financial companies recorded a decline of €135.3 million. Deposits from other domestic sectors, however, increased by €418 million. According to the central bank, seasonal factors played a role in the increase in deposits during December 2024.

In parallel, total loans also saw a net increase of €503.2 million in December, contrasting with a net decrease of €1.8 million in November. The annual growth rate of total loans rose to 2.8 per cent, up from 1.9 per cent in the previous month. By the end of December 2024, the total loan balance reached €25.4 billion.

Loans to Cypriot residents recorded an increase of €150.7 million, with household loans and loans to non-financial companies rising by €111.3 million and €111.4 million, respectively.

However, loans to other domestic sectors experienced a decline of €72 million, as reported by the CBC. 

By fLEXI tEAM