New lending in Cyprus up 1.6% to €3.19 bln in 2019

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Pure new bank lending to corporations and households amounted to €3.19 bln in 2019 marking a slight annual increase attributed to large corporate credit over €1 mln.

According to data released by the Central Bank of Cyprus, gathered by CNA, pure new lending (excluding renegotiated loans) in 2019 amounted to €3.194 bln, marking a slight increase of 1.61% or €51 mln compared to the year before.

Total new loans, including renegotiated loans, amounted to €3.77 bln compared to €3.48 bln in 2018.

According to CBC data, following the 2013 financial crisis, pure new loans rose to €3.23 bln in 2017 which is the highest figure since December 2014 when the CBC began collecting data on pure new loans.

Pure new corporate loans amounted to €1.98 bln, corresponding to 62% of the total granted in 2019, marking an increase of 2.5% compared to the previous year.

New corporate loans up to €1 mln reached €436 mln, down by 13.4% or €68 mln compared with 2018, while pure corporate loans over €1 mln rose by 116% or 8%.

Pure new lending to households last year marked a negligible rise reaching €1.23 bln compared with €1.21 bln the year before.

New loans for house purchases represented 72% of total new lending to households, a marginal increase of 0.64% compared to 2018.