Banking Activity Accelerates In June
Banking activity in Cyprus accelerated in June, with both deposits and lending recording stronger monthly gains, according to new figures from the Central Bank of Cyprus (CBC). While annual growth eased slightly, the data indicate continued strength in household deposits and business borrowing.
Deposits Rise On Strong Resident Inflows
Total deposits increased by a net €601.2 million in June, compared with €343.8 million in May. The annual growth rate edged down to 5.0% from 5.1% a month earlier.
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By the end of June, total deposits stood at €58.7 billion, with Cyprus residents accounting for most of the monthly increase. Resident deposits rose by €626.2 million during the month.
Household deposits increased by €49.7 million, while deposits held by non-financial corporations grew by €480.3 million. Other domestic sectors contributed a further €96.2 million.
Lending Continues To Expand
Total lending increased by a net €499.4 million in June, almost doubling May’s net increase of €260.3 million. Despite the stronger monthly performance, the annual lending growth rate slowed to 11.6% from 12.6%.
Outstanding loans reached €28.6 billion at the end of June.
Loans to Cyprus residents rose by €213.7 million, including a €131.4 million increase in household lending and a €90.1 million rise in lending to non-financial corporations. Lending to other domestic sectors declined by a combined €7.8 million.
Credit Growth Remains Resilient
June’s figures point to continued momentum in Cyprus’ banking sector, with stronger monthly growth in both deposits and lending despite a modest slowdown in annual growth rates. The data suggest households continue to build savings while businesses maintain demand for financing.
