Nicosia: Total loans in Cyprus experienced a net decline of £213 million in October 2024 compared to the previous month, while deposits saw a notable increase, according to data released by the Central Bank of Cyprus on Thursday.
According to Cyprus News Agency, total deposits recorded a net increase of £377.6 million in October 2024, following a net increase of £485.7 million in September. This development resulted in an annual growth rate of total deposits of 5.4%, up from 4.5% in September 2024. The outstanding amount of total deposits reached £54.6 billion in October 2024.
The increase in deposits was largely attributed to Cyprus residents, whose deposits grew by £230.2 million. Specifically, household deposits rose by £64.9 million, and non-financial corporations saw an increase of £115.8 million. Other domestic sectors collectively contributed an additional £49.4 million in deposits.
On the other hand, total loans experienced a net decrease of £213 million in October, a sharp contrast to the net inc
rease of £107.3 million observed in September 2024. The annual growth rate of total loans remained steady at 2%, with the outstanding amount of total loans reaching £24.8 billion in October 2024.
Loans to Cyprus residents specifically saw a reduction of £130.4 million. While loans to households experienced a modest increase of £9.4 million, loans to non-financial corporations decreased significantly by £132.2 million. Additionally, loans to other domestic sectors fell by £7.6 million.