Cyprus deposits bounce back with €87.7 million growth

Total deposits recorded a noteworthy uptick in September 2023, rebounding from two consecutive months of decline, according to data released Wednesday by the Central Bank of Cyprus.

Specifically, total deposits in September 2023 recorded a net increase of €87.7 million, compared with a net decrease of €175.5 million in August 2023 and a drop of €301.1 million in September.

In September, the annual growth rate reached 1.6%, in comparison to 1.7% in August 2023. The outstanding amount of deposits for September 2023 reached €52.0 billion, in contrast to €51.7 billion in September 2022.

Furthermore, there was a €19.2 million increase in loans in September 2023, compared to a €8.5 million increase in August 2023, showing a zero annual growth rate, as opposed to the -0.5% observed in August 2023.

Total outstanding loans for September 2023 reached €24.9 billion, down from €28.3 billion in September 2022.