A bank windfall tax is not the answer in Cyprus
Since 2022, the huge deposits held by banks at the ECB have been earning millions in interest.
total loans
Cyprus sees slight increase in non-performing loans
– The balance of non-performing loans (NPLs) in Cyprus rose to €1.9 billion in January 2024.
– The total amount of loans in January 2024 stood at €24.02 billion.
– The slight rise in NPLs is attributed to an increase in non-performing business loans.
Astrobank bucks trend with new branch , — will seek approval for dividend
Astrobank is opening a new branch in the Dali area in Nicosia, which is considered an underserved location with no existing banking facilities. The bank will seek regulatory approval from the Central Bank of Cyprus to distribute dividends and aims to reduce non-performing loans to single digits by July. Astrobank has a capital adequacy ratio of 23.7% and has already met the Minimum Requirements for Own Funds and Eligible Liabilities. The bank is optimistic about the future and is open to acquisitions and evaluating new opportunities in the banking sector.
Cyprus residents, ’ bank deposits rise by €318.5 million
The Central Bank of Cyprus reported an increase in both loans and total deposits within the Cypriot banking system for March 2024. The liquidity exceeded €27 billion, with total deposits seeing a net increase of €252.1 million. Cyprus residents’ deposits increased by €318.5 million, while total loans recorded a net increase of €133.1 million. The balance of total deposits in March of that year stood at €52.2 billion, and the balance of total loans reached €25.1 billion.
Cyprus sees Surge in deposits and loans in March
In March 2024, total deposits in Cyprus increased by €252.1 million, with a total balance of €52.2 billion. Total loans also increased by €133.1 million, reaching a balance of €25.1 billion. Deposits from residents of Cyprus rose by €318.5 million, while loans to Cypriot residents increased by €134.0 million.