S Cyprus sees €977.4 Million Surge in Deposits
South Cyprus saw a substantial increase in loans in December 2024, with a rise of €503.2 million following a decrease the previous month, according to the Central Bank of Cyprus (CBC). At the same time, total deposits surged by €977.4 million, marking a significant jump compared to November 2024.
The CBC reported that the annual growth rate of total deposits reached 6.6 per cent, compared to 5.4 per cent in November 2024.
As a result, the total deposit balance in December 2024 reached €55.9 billion.
Household deposits saw an increase of €594.5 million, while deposits from domestic non-financial companies dropped by €135.3 million.
Additionally, deposits from other domestic sectors increased by €418 million.
The CBC also explained that the increase in deposits in December 2024 was influenced by seasonal factors.
Meanwhile, the total loans in December 2024 saw a net increase of €503.2 million, compared to a net decrease of €1.8 million in November 2024.
The annual growth rate of total loans reached 2.8 per cent, an increase from 1.9 per cent in November 2024.
Furthermore, the total loan balance amounted to €25.4 billion by the end of December 2024.
Loans to Cypriot residents increased by €150.7 million, with household loans and loans to non-financial companies growing by €111.3 million and €111.4 million, respectively.
However, loans to other domestic sectors declined by €72 million, the central bank reported.
Source: Cyprus Mail
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