CYPRUS: Bank deposits up 2% y-o-y, loans down 7%

Deposits in the Cyprus banking system dropped by €95.5 mln in March to €45.7 bln, according to Central Bank of Cyprus data.

 
In February, deposits increased by €78.4 mln, while on an annual basis, deposits in March rose by 2.0% year-on-year compared to an increase of 1.9% in February.
Meanwhile, total loans in March fell by 7.5% to €57.5 bln year on year compared with an annual reduction of 7.8% in February. Total loans in March registered a net reduction of €617.6 mln compared with a reduction of €90.3 mln in February.
The reduction is a result of the restructuring deals on mainly non-performing (NPL) or 90-day-plus outstanding loans.