Cyprus Loan growth at 35.4% in Jan-Apr ‘08

Loan growth during the first four months of 2008 jumped by a record 35.4% to EUR 44.52 bln from EUR 32.89 bln in the same period a year ago on the back of higher loans to non-financial organizations and housing loans, according to the April 2008 Monetary Survey of the Central Bank of Cyprus.
Total loans to non-MFIs reached EUR 21.49 bln recording an increase of 47.27% YoY and 2.7% MoM. Total loans to domestic residents reached were up 25.6% YoY and 1.4% MoM to EUR 36.1bln while loans to other euro area residents reached EUR 1.1bln, recording an increase of 56% YoY and 1.9% MoM.
According to the Survey, total deposits reached EUR 55.4bln recording an increase of
24.5% YoY, and 7.2% on a monthly basis. Domestic residents deposits amounted to
EUR 33.6bln, up by 18.2% yoy (60.7% of total), while deposits from foreign residents were up 12.4% YoY at EUR 21.8 bln.