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Pure new credit climbs to €1.72 billion

02/08/2022 15:32

Pure new credit granted by the Cypriot banking institutions in June rose to €343.6 million marking an increase of 32% compared with the previous month, data published on Tuesday by the Central Bank of Cyprus (CBC) show.

According to the CBC, pure new credit granted in the period of January – June 2022 amounted to 1.72 billion marking an increase of 26% compared with the respective period of last year.

The monthly rise of pure new credit in June is attributed to loans over €1 million which amounted to €187.5 million (the highest level in 2022 so far) compared with €93.5 million in the previous month. Pure new loans up to €1 million rose slightly to €44.6 million in June compared with €44.1 million in May, the CBC added.

The remaining pure new loans declined in June. Consumer credit amounted to €15.7 million in June from €17.1 million the month before, housing loans dropped to €93.8 million from €97.5 million in May, while other pure loans declined to €4.2 million in June from €10.2 million in the previous month.

For the period of January – June housing loans registered the biggest share of pure new credit with €693.5 million or 40% of total pure new loans, followed by loans over €1 million which amounted to €626.1 million or 36% to the total pure new credit.

Pure new loans up to €1 million amounted to €274.6 million representing 16% of the total pure new credit granted in the first half or 2022, while consumer credit reached €77.9 million or 4.5% of the total pure new credit. Other pure new loans amounted to €40.5 million or 2.36% of total new loans.

According to the CBC, restructured loans in June amounted to €90.6 million compared with €100.5 million in the previous month.