Cyprus bank loans at CYP 13.6 bln/EUR 23.3 bln, deposits CYP 21.4 bln/EUR 36.6 bln

Total advances and loans by all Cyprus banks galloped up at a 26% pace reaching CYP 13.62 bln (EUR 23.2 bln) at the end of June, according to figures released by the Central Bank of Cyprus.

Total advances increased CYP 1.94 bln in the first six months of 2007 to CYP 13.6 bln with the bulk of lending going to the personal and professional category at CYP 7 bln, up CYP 1.1 bln in the first half, most of which is believed to be for housing and real estate. The second largest category of loans is made to the building and contracting sector, up CYP 431 mln in the first half to CYP 2.63 bln while loans made for foreign and domestic trade were up only CYP 137 mln to CYP 1.65 bln, the Central Bank data show.

Local currency loans amounted to CYP 10.39 bln (up CYP 1.2 bln in 1H07) while foreign currency loans amounted to CYP 3.22 bln (up CYP 715 mln in 1H07) of which CYP 2.34 bln were given to residents and CYP 877 mln to non-residents.

The Central Bank also revealed that total advances by all Cooperative Credit Institutions increased by CYP 191 mln in the first half to CYP 4.14 bln, bringing the total loan size of the Cyprus market to CYP 17.76 bln, as calculated by the Financial Mirror.

 

— Deposits surge

 

Total deposits by residents and non-residents surged sharply higher, gaining CYP 2.1 bln to a total of CYP 21.4 bln as at the end of June, according to the Central Bank.

Resident deposits were up CYP 1.1 bln in the first half of 2007 to CYP 11.9 bln, of which CYP 9.8 bln were in local currency and CYP 2.08 bln were in foreign currency.

Non-resident deposits surged CYP 982 mln in the first half of 2007 to CYP 9.5 bln end of June, of which CYP 647.7 mln were in local currency and CYP 8.8 bln were in foreign currency.

The Central Bank figures show that the total deposits with Cooperative Credit Institutions increased by CYP 378 mln in the first half of 2007 to CYP 5.67 bln, thus brining the total deposits with banks and Coops at CYP 27.05 bln according to Financial Mirror calculations.