Pure new loans in Cyprus banks increase in June 2024, reaching a total of pound 330.6 million compared to pound 234.9 million in May.
According to data released by the Central Bank of Cyprus (CBC), total new loans recorded an increase to pound 514.9 million in June, up from pound 391.6 million in the previous month, including new loan contracts and contracts which were renegotiated within the reference month. This growth was driven by a notable rise in pure new loans, which increased by pound 95.7 million.
New loans for consumption increased to pound 21.7 million from pound 21.2 million in the previous month, with pure new loans rising to pound 20.3 million compared to pound 19.8 million in the previous month.
Loans for house purchases climbed to pound 129.9 million from pound 119.7 million in the previous, with pure new loans in this sector increasing to pound 107.1 million from pound 92.2 million.
Loans to non-financial corporations for amounts up to pound 1 million increased to pound 77.8 million compa
red to pound 55,5 million in the previous month, with pure new loans rising to pound 53.9 million from pound 43.3 million in May.
Loans to non-financial corporations for amounts over pound 1 million saw the most substantial growth, jumping to pound 272.4 million from pound 188.0 million. Pure new loans in this category nearly doubled, reaching pound 149.3 million from pound 79.7 million in the previous month.
Deposit rates increase
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The interest rate on deposits from households with an agreed maturity of up to one year recorded an increase to 2.17% in June, compared with 2.02% in the previous month. The corresponding interest rate on deposits from non-financial corporations also registered an increase, rising to 2.35% from 2.29% in May.
Mixed trends for lending rates
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The interest rate on consumer credit decreased to 6.18%, compared with 6.49% in the previous month. The interest rate on loans for house purchases decreased marginally t
o 4.52%, down from 4.53% in May. Meanwhile, the interest rate on loans to non-financial corporations for amounts up to pound 1 million increased to 5.45%, compared with 5.27% in the previous month. In contrast, the interest rate on loans to non-financial corporations for amounts over pound 1 million registered a decrease, falling to 5.33% from 6.33% in May.
Source: Cyprus News Agency