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Cyprus bank deposits at highest level of past 11 months, loans remain low

Total deposits in Cyprus banking system reached their highest level in the past eleven months in August 2019, according to figures released by the Central Bank of Cyprus (CBC) on Thursday, while loans remained at historically low levels, despite a net increase in the eighth month of this year.

Household loans declined by almost €6 billion in August 2019 and loans to non-financial corporations by almost €5 billion.

Total deposits in August 2019 recorded a net decrease of €61.4 million, compared with a net increase of €201.9 million in July 2019 and reached €48.5 billion. This is the highest level of deposits since September 2018. The annual growth rate reached 1.6%, compared with 2.1% in July 2019.

Household deposits rose in August 2019 by € 2.6 million, compared to the previous month, reaching €3.51 billion. In August 2018, deposits stood at € 23.14 billion. Deposits of non-financial corporations increased by €4.6 million to € 9.48 billion compared to July 2018. In August 2018, corporate deposits stood at €8.66 billion.

Total loans in August 2019 exhibited a net increase of €177.6 million, compared with a net decrease of €3.9 million in July 2019.  The outstanding amount of total loans reached €34.3 billion in August 2019 from € 45.94 billion last August.

The annual growth rate stood at -1.3%, compared with -2.2% in July 2019.

Household loans fell in August 2019 to € 12.91 billion from € 12.95 billion last month, while in August 2018 they stood at €18.78 billion.

Consumer loans stood at €1.72 billion from € 1.73 billion in August 2019 in July 2019 and € 2.29 billion last August. House loans dropped to € 8.52 billion from € 8.53 billion in July 2019 and from € 10.75 billion in August 2018
Loans of non-financial corporations stood at € 12.58 billion from € 12.60 billion last month and from € 17.32 billion last August.

(Cyprus News Agency)

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