Total new loans in November 2022 increased by €172.8m compared to the previous month, despite an increase in interest rates across all loan categories. According to data released on Wednesday by the Central Bank of Cyprus (CBC), the increase in new loans is mainly due to loans to companies over one million and to a lesser extend to the increase in housing loans.
Total new loans recorded an increase to €413.1 million in November 2022, compared with €240.3 million in the previous month.
New loans for consumption decreased to €14.1 million, compared with €15.1 million in the previous month.
New loans for house purchase recorded an increase to €91.8 million, compared with €72.7 million in the previous month.
New loans to non-financial corporations for amounts up to €1 million increased to €48.9 million, compared with €42.7 million in the previous month.
New loans to non-financial corporations for amounts over €1 million registered an increase to €247.5 million, compared with €102.6 million in the previous month.
Lending rates increase
At the same time lending rates increased in November in all credit categories.
The interest rate on consumer credit increased to 3.84%, compared with 3.57% in the previous month.
The interest rate on mortgages increased to 2.95%, compared with 2.93% in the previous month.
The interest rate on loans to non-financial corporations for amounts up to €1 million increased to 4.52%, compared with 4.17% in the previous month. The interest rate on loans to non-financial corporations for amounts over €1 million registered an increase to 4.35%, compared with 3.43% in the previous month.
Deposit Rates
Despite the increase in lending rates, deposit rates fell further in November.
The interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 0.12%, compared with 0.19% in the previous month.
The corresponding interest rate on deposits from non-financial corporations registered a decrease to 0.41%, compared with 0.47% in the previous month.
Source: Cyprus News Agency