cyprus bank — Cyprus bank deposits rose by €44.3 million in August, indicating a positive shift after a decline in July. According to the Central Bank of Cyprus, this increase marks a rebound from a €154.5 million drop the previous month.
- However, not all sectors experienced similar gains; deposits from other domestic sectors fell by €65.7 million, slightly offsetting the positive contributions from households and businesses.
Total deposits now amount to €56.5 billion, although annual growth has slightly slowed to 6.0% from 6.5% in July. The central bank noted, “The data shows continued strength in the deposit base despite some moderation in growth rates.”
Cyprus bank: Household Contributions to Deposit Growth
The rise in deposits was largely driven by contributions from Cyprus residents, which saw an increase of €133.6 million. Within this, household deposits accounted for €46.5 million of the growth, while non-financial corporations added €152.7 million.
However, not all sectors experienced similar gains; deposits from other domestic sectors fell by €65.7 million, slightly offsetting the positive contributions from households and businesses.
Decline in Lending Figures
<pIn contrast to the growth in deposits, lending in Cyprus saw a contraction of €60.8 million in August, reversing the previous month’s increase of €74.9 million. The total loans outstanding currently stand at €26.4 billion, with the annual growth rate remaining stable at 7.2%.
Loans to Cyprus residents decreased by €69.9 million, influenced by a significant €48.6 million drop in lending to non-financial corporations. Additionally, household lending fell by €15.5 million, and loans to other domestic sectors decreased by €5.8 million.
