FINANCE: Deposits in Cyprus banks at their highest level for 11 months

Total deposits in Cyprus banks reached their highest level in the past 11 months, while loans remained at historically low levels, despite a net increase in August.

According to Central Bank of Cyprus (CBC) figures, household loans declined by almost €6 bln in August while loans to non-financial corporations were down by almost €5 bln.

Total deposits recorded a net decrease of €61.4 mln, compared with a net increase of €201.9 mln in July 2019, reaching €48.5 bln. This is the highest level of deposits since September 2018. The annual growth rate reached 1.6%, compared with 2.1% in July.

Household deposits rose by €2.6 mln, compared to July, reaching €3.51 bln. In August 2018, deposits stood at € 23.14 bln.

Deposits of non-financial corporations increased by €4.6 mln to €9.48 bln compared to July 2018. In August 2018, corporate deposits stood at €8.66 bln.

Total loans in August exhibited a net increase of €177.6 mln, from a net decrease of €3.9 mln in July.  The outstanding amount of total loans reached €34.3 billion in August from € 45.94 bln last year

The annual growth rate stood at -1.3%, compared with -2.2% in July 2019.

Household loans fell in August 2019 to €12.91 bln from € 12.95 billion last month, while in August 2018 they stood at €18.78 bln.

Consumer loans stood at €1.72 bln from €1.73 bln in July and €2.29 bln in August 2018. Mortgages dropped to €8.52 bln from €8.53 bln in July 2019 and from € 10.75 billion in August 2018

Loans of non-financial corporations stood at €12.58 bln from €12.60 bln in July and from €17.32 bln last year.