New loan provision decelerates in January 2019

New loans got off on a poor start in 2019 with total loans provided in January 2019 marking a reduction of Euros 106 million compared with December 2018, data released by the Central Bank of Cyprus (CBC) show.

According to the CBC, total new loans (comprising new loans and renegotiated facilities) amounted to Euros 300.3 million in January 2019 compared with Euros 407.6 the month before.

All reported loan categories showed reduction in January compared with December 2018.

New loans to non-financial corporations over Euros 1 million marked the highest deceleration declining to Euros 164 ml compared with Euros 217 ml the previous month. Net new loans amounted to Euros 159 ml compared with Euros 196 ml in December 2018. Renegotiated facilities reached Euros 4.5 ml compared with Euros 21.3 ml, the CBC said.

Total new housing loans in January 2019 amounted to Euros 73.6 ml compared with Euros 101.6 the previous month. New loans were Euros 68.4 ml from Euros 96.3 the month before, while renegotiated facilities declined marginally to Euros 5.1 ml in January 2019 compared with Euros 5.3 ml in December 2018.

According to the CBC, total new loans to non-financial corporations up to Euros 1 million amounted to Euros 33.8 ml compared with Euros 56.1 ml in December 2018 with pure new loans provided reaching Euros 33.6 ml compared with Euros 53.5 ml the month before. Renegotiated facilities reached Euros 2.3 compared with Euros 2.6 ml in December.

Total new consumer loans declined to Euros 11.1 ml in January 2019 compared with Euros 12.8 ml the previous month. Pure new loans reached Euros 10.9 ml, one million less than the loans provided in December 2018. Renegotiated loans amounted to Euros 0.2 ml compared with Euros 0.9 the previous month.

Source: Cyprus News Agency