Nicosia: Cypriot banks reported a net decrease of pound 66.3 million in deposits and a significant increase of pound 429.9 million in loans for March 2025, according to data released on Tuesday by the Central Bank of Cyprus, with the annual loan growth rate accelerating to 3.1%.
According to Cyprus News Agency, total deposits recorded a net decrease of pound 66.3 million, in contrast to a net increase of pound 498.3 million in February. The annual growth rate of deposits slowed to 7.1%, down from 7.7% the previous month, while the total outstanding balance of deposits stood at pound 55.9 billion.
Deposits from Cyprus residents fell by pound 22.5 million. Despite an increase in deposits by households (pound 13.6 million) and non-financial corporations (pound 400.1 million), the remaining domestic sectors – including investment funds, insurance companies, and pension funds – posted a decline of pound 436.1 million, dragging down the overall figures.
In contrast, lending activity saw a notable rise. Total loans recorded a net increase of pound 429.9 million in March, compared to pound 42.7 million in February. The annual growth rate of loans climbed to 3.1%, up from 1.9%, with the outstanding loan balance reaching pound 25.5 billion.
Specifically, loans to Cyprus residents increased by pound 269.9 million. This growth was mainly driven by loans to non-financial corporations (pound 188.6 million), while household loans rose by pound 29.8 million. Loans to other domestic sectors also increased by pound 51.5 million.