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Cyprus Sees Strong Banking Growth In December 2024 As Loan Demand Rebounds

by THEFUTURE.TEAM

January 30, 2025

Cyprus closed out 2024 with a surge in banking activity, as both loan demand and deposits recorded significant increases, according to the latest Monetary and Financial Statistics from the Central Bank of Cyprus (CBC).

Loan Growth Accelerates

Total loans saw a net increase of €503.2 million in December, reversing a slight €1.8 million decline from the previous month. The annual growth rate of total loans accelerated to 2.8%, up from 1.9% in November, bringing outstanding loans to €25.4 billion.

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Loans to Cyprus residents rose by €150.7 million.
Household borrowing increased by €111.3 million.
Loans to non-financial corporations also climbed by €111.4 million.
Other domestic sectors experienced a net decline of €72.0 million in loan uptake.

Deposits See Strongest Monthly Gain Of The Year

December also saw a significant rise in total deposits, with a net increase of €977.4 million, far exceeding November’s €91.6 million gain. The annual deposit growth rate climbed to 6.6%, up from 5.4% in November, pushing total deposit volume to €55.9 billion by year-end.

Deposits from Cyprus residents grew by €877.2 million.
Household deposits led the increase, rising €594.5 million.
Deposits from non-financial corporations declined by €135.3 million.
Other domestic sectors contributed an additional €418.0 million in deposits.

Seasonal Trends And Economic Resilience

The CBC attributed the strong deposit inflow in December to seasonal factors, highlighting the resilience of the Cypriot banking sector as loan activity picked up after a slower period. With rising deposit levels and increasing borrowing demand, Cyprus enters 2025 with a strengthened financial system, positioning its banks for continued growth and stability.

The Future Forbes Realty Global Properties

Chime’s Nasdaq Debut: A 37% Leap in the Fintech Arena

by News Editor

June 13, 2025

Chime set to debut on Nasdaq

On June 12, 2025, Chime had a groundbreaking debut on Nasdaq, where its shares surged by an impressive 37%. Initially priced above the expected range at $27, the shares closed the day at $37.11, setting a new market cap of $13.5 billion. From a valuation of $25 billion in its last venture round, this IPO marks a recalibration for Chime amidst evolving market dynamics.

The offering raised roughly $700 million, with an additional $165 million from existing shareholders. Despite the lower valuation, CEO Chris Britt highlights Chime’s commitment to serving Americans earning $100,000 or less, often overlooked by traditional banks. “We help our members avoid fees, access liquidity, and build savings,” Britt stated confidently.

Chime’s strong revenue momentum, with $518.7 million reported last quarter and a revenue increase by 32% year-over-year, underscores its growth potential. The company also achieved $25 million in adjusted profitability, improving its profit margin by 40 points over the past two years.

Chime now stands among fintech giants like eToro and Circle, rekindling investor interest in fintech IPOs. The future looks promising as other players like Klarna and Bullish eye public offerings.

For further insights into fintech innovation and investment opportunities, explore European Banking Evolution: Cyprus as a Catalyst for Regulatory Innovation and discover how Cyprus continues to play a pivotal role in financial advancements.