Cyprus ended 2024 with a surge in banking activity, as both loans and deposits saw substantial increases, according to the latest data from the Central Bank of Cyprus (CBC). December recorded a net loan increase of 503.2 million euros, while total deposits climbed by an impressive €977.4 million – a significant jump compared to previous months.
The loans market bounced back after a sluggish November, when lending had dipped by €1.8 million. With December’s upswing, the annual growth rate of total loans accelerated to 2.8%, up from 1.9% in November, bringing outstanding loans to €25.4 billion.
A closer look at the numbers shows that loans to Cyprus residents increased by €150.7 million. Households borrowed €111.3 million, while businesses – classified as non-financial corporations – secured €111.4 million in new loans. Other domestic sectors, however, saw a reduction in borrowing, with a net decrease of €72 million.
On the deposit side, December’s nearly €1 billion increase far outpaced the modest €91.6 million rise seen in November. The CBC attributed part of this boost to seasonal trends, which typically see higher deposit inflows at year-end.