Historic Growth In Cypriot Banking Deposits Reflect Economic Resilience

by THEFUTURE.TEAM

August 29, 2025

Robust Gain In Business And Household Deposits

Cypriot businesses have reported a historic surge in deposits, reaching an impressive €12.5 billion in July 2025. This marks a significant increase from €11.7 billion at the close of the previous year, and it notably surpasses the €9.18 billion recorded in December 2019. Concurrently, household deposits have demonstrated considerable resilience, climbing to €29.3 billion from €28.9 billion in December 2024, and up from €23.8 billion in 2019—an impressive 22.9% increase compared to pre-pandemic levels.

Stable Domestic Deposits Amid A Shifting Financial Landscape

The overall domestic deposits, which include both business and household contributions, totaled €49.1 billion in July. While this figure remained stable from June, it reflects an upward progression from €48 billion at the end of 2024. Despite a minor monthly decline of €154.5 million, leading to a slightly reduced total of €56.58 billion in the banking system compared to June’s €56.62 billion, deposits are still 1.2% higher than at the beginning of the year and 16.1% above December 2019 levels.

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Enhanced Financial Resilience And Strategic Shifts

The Central Bank of Cyprus (CBC) highlighted key factors underscoring improved household resilience in 2024. The combination of rising real incomes, declining inflation, and lower lending rates in the second half of the year has eased debt servicing obligations, thereby strengthening balance sheets. The report also notes that corporate deposits experienced an annual growth rate of 11%, buoyed by heightened business activity and improved income streams. A discernible shift from short-term liquidity to time deposits of up to one year further suggests that businesses are seeking both higher returns and a more strategic allocation of resources.

Precautionary Savings And A Broader Eurozone Perspective

The CBC report emphasizes that precautionary savings have become an essential safety net, equipping households and firms to manage potential risks arising from geopolitical uncertainties. This conservative approach to financial management serves as a temporary buffer against adverse domestic outcomes. In a broader context, deposit trends across the eurozone have also shown positive momentum. Data from the European Central Bank (ECB) reveals that household deposits grew at an annual pace of 3.4% in July, while corporate deposits increased by 2.7%, reflecting a continued trend of fiscal stability and cautious optimism among investors.

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Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

by News Editor

October 21, 2026

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

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ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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