Newsroom
Average interest rates on deposits from households and businesses in Cyprus declined in May compared to April, while average mortgage rates edged higher, according to data released Thursday by the Central Bank of Cyprus.
Mortgage rates rise slightly
The average interest rate on new home loans for households in the euro area, with a variable rate and an initial fixed period of up to one year, increased to 3.74% in May, up from 3.71% in April.
The highest mortgage rate was recorded at Bank of Cyprus, at 5.14%, slightly down from 5.15% the previous month. The lowest rate was offered by Hellenic Bank at 2.19%, down from 2.48%.
The Cyprus Housing Finance Corporation had the second-highest rate at 3.75%, up from 3.59%. Eurobank Cyprus followed at 3.50% (down from 3.92%), Astrobank at 3.01% (down from 4.27%), and Ancoria at 2.93% (down from 3.33%).
Business loan rates decline
The average interest rate on new loans to businesses of up to €1 million, with variable rates and an initial fixed period of up to one year, fell to 4.84% in May, down from 4.90% in April.
Banque SBA posted the highest rate at 6.58%, down from 6.74%. Hellenic Bank again offered the lowest, at 3.83%, up from 3.64%.
Astrobank had the second-highest rate at 6.23% (up from 4.86%), followed by Societe Generale at 5.51% (down from 6.54%), Bank of Cyprus at 5.25% (up from 5.19%), Eurobank at 4.69% (down from 4.75%), National Bank of Greece at 4.05% (down from 4.95%), and Alpha Bank at 4.02% (down from 5.96%).
Household deposit rates edge down
The average interest rate on household term deposits with maturities up to one year declined by 10 basis points, settling at 1.26% in May, unchanged from April, due to rounding. Across the eurozone, the average rate dropped to 1.84% from 1.96%.
Arab Jordan Investment Bank offered the highest household deposit rate, at 1.70%, while Societe Generale posted the lowest, at 0.66%.
Eurobank had the second-highest rate at 1.49% (down from 1.65%), followed by Jordan Ahli Bank at 1.38%, National Bank of Greece at 1.37% (up from 1.29%), Cyprus Development Bank at 1.08% (down from 1.11%), Ancoria at 1.06% (down from 1.08%), Cyprus Housing Finance Corporation at 1.03% (down from 1.17%), Hellenic Bank at 0.99% (unchanged), Alpha Bank at 0.98% (down from 1.04%), Astrobank at 0.83% (down from 0.90%), and Bank of Cyprus at 0.72% (down from 0.86%).
Business deposit rates also fall
Term deposit rates for non-financial corporations with maturities up to one year dropped by 19 basis points, falling to an average of 1.18% in May from 1.37% in April. In the eurozone, the average rate declined to 2.05% from 2.15%.
Alpha Bank posted the highest business deposit rate at 1.71%, up from 1.42%. The Cyprus Housing Finance Corporation had the lowest, at 0.53%, up from 0.09%.
Hellenic Bank offered the second-highest rate at 1.38% (down from 1.58%), followed by National Bank of Greece at 1.25% (no April data available), Eurobank at 1.07% (down from 1.20%), Ancoria at 1.05% (down from 1.10%), Cyprus Development Bank at 1.00% (down from 1.31%), Astrobank at 0.82% (down from 2.12%), and Bank of Cyprus at 0.74% (down from 0.78%).
