The increase in deposits in February was mainly on inflow from non-financial corporations which saw their bank account balance increase by €144.6m in a month to €11.4bn, the central bank said in a statement on its website on Monday. Household deposits rose by €32.5 to €28.6bn and those of insurance companies and pension funds rose by €10.3m to €2bn. Deposits held by other financial corporations and the government fell by €9.9n and €2.2m to €6.4bn and €949.3m respectively.

Deposits held by Cyprus residents rose by €187.9m to €36.6bn last month compared to January while those of other euro area residents and third country residents fell by €1.8m and €11.2m to €3.2bn and €9.5bn, the central bank said.

The total amount of outstanding loans rose last month by €139.2m to €55.2bn in a month mainly on €214.8m in fresh loans extended to other financial corporations which rose to €9.2bn, the central bank said. Loans to non-financial companies and insurance companies and pension funds rose by €2m €0.1m to €22.4bn and €15m. Household lending fell by €72.3m to €22.7bn mainly on a €36m drop in housing loans.

Total credit extended by commercial banks to Cyprus residents rose last month by €210.2m to €45.3bn while the outstanding loans of other euro area residents and third country residents fell by €44.4m and €26.7m to €2.6bn and €7.2bn respectively.

Source: Cyprus Mail