Loans surge in March 2023: A mix of new and renegotiated contracts

Total new loans recorded an increase to €922.5 million in March 2023, compared with €527.5 million in the previous month, according to data released Friday by the Central Bank of Cyprus.

However, most of the new loans were renegotiated contracts. New contracts in March amounted to €284.6 million and renegotiated loans to €637.9 million.

New loans for consumption increased to €30.7 million, compared with €16.3 million in the previous month, with net new loans being €21.3 million and renegotiated loans €9.4 million.

New loans for home purchases recorded an increase to €199.5 million, compared with €85.5 million in the previous month, with new loans being €90.6 million and renegotiated loans €109 million.

New loans to non-financial corporations for amounts up to €1 million increased to €109.0 million, compared with €44.5 million in the previous month, with net new loans being €51.7 million and renegotiated loans €57.3 million.

New loans to non-financial corporations for amounts over €1 million registered an increase to €571.2 million, compared with €374.0 million in the previous month, with net new loans being €115.6 million and renegotiated loans €455.5 million.

The other new loans amounted to €12.1 million, of which €5.4 were net new loans and €6.7 were renegotiated loans.