Cyprus lending and deposit growth up sharply until May ‘07

Total advances by all banks to Cyprus residents increased by CYP 1.3 bln in the January-May 2007 period to CYP 13 bln, while year-on-year, the increase was CYP 341.8 mln according to the May 2007 Monetary Survey of the Central Bank of Cyprus.

Local currency loans amounted to CYP 10 bln, up CYP 828.5 mln while the remaining CYP 3 bln were advances given in foreign currency, which were up CYP 490 mln in the January-May 2007 period.

As expected, the bulk of the loans were given to the building and construction industry, which saw total advances increase CYP 326 mln or 14.8% YoY to CYP 2.5 bln end of May 2007 while personal and professional loans were up CYP 706 mlnor 11.9% YoY to CYP 6.6 bln.

The Cooperative Credit Societies saw a mild increase in their lending to CYP 4.05 bln, up by a modest CYP 100 mln in the January-May 2007 period.

Together with the advances of the banks, the total lending made in Cyprus by end of May reached CYP 17 bln or EUR 29 bln.

 

Deposits up sharply

Deposits by residents surged by CYP 991 mln in Jan-May 2007 period to reach CYP 11.77 bln, while non-resident deposits were up CYP 235 mln to CYP 8.73 bln by end of May 2007. The total deposits with the banks was up CYP 1.22 bln in the first five months of 2007 to CYP 20.51 bln.

Total deposits with Cooperatives increased by CYP 318 mln to CYP 5.61 bln end of May 2007, bringing the total deposits with all banks and Cooperatives to CYP 26.12 bln or EUR 45 bln.