28.10.2022
According to a report published this week by the Central Bank of Cyprus (CBC), total deposits in the Cypriot banking system reached its highest level in nine years in September 2022, while loans were at a five-month low.
According to the report, total deposits in September 2022 recorded a net increase of €148.0 million compared to a net increase of €173.7 million in August 2022.
The annual rate of change was 0.6% compared to 0.4% in August 2022, and the balance of deposits in September 2022 reached 51.8 billion euros, the highest level since June 2013. Moreover, household (resident) deposits reached EUR 26.36 billion in September 2022, the highest level since January 2013.
Business deposits amounted to 10.34 billion euros, the highest level since May 2012. Moreover, according to central bank data, total loans in September 2022 recorded a net decrease of €110.9 million compared to a net decrease of €100.0 million in August 2022.
The annual rate of change reached 1.4% compared to 1.9% in August 2022. The balance of total loans in September 2022 reached 28.3 billion euros, the lowest level since April last year.
Loans to households (local residents) in September 2022 amounted to 11.51 billion euros, of which 8.65 billion euros are related to housing loans, 1.34 billion euros to consumer loans and 1.51 billion euros to other loans, and loans to businesses – 10.51 billion euros.
Finally, the Central Bank of Cyprus noted that the figures for the period from January to May 2022 have been revised as a result of the annual review of the financial statements of monetary and financial institutions for 2021.
On Thursday, Eurobank announced that it has been named “Best Private Bank 2023” in both Cyprus and Greece, which was awarded by the world-famous American magazine Global Finance.
The bank said that this award confirms the consistently high quality of private banking services in the Cypriot and Greek markets. Eurobank received this award for the fourth consecutive year for its Private Banking services in Cyprus. Moreover, it also received this award for the eighth consecutive time in the Greek market, having received this award since the awards were first established by Global Finance magazine.
The Bank has been awarded ten times for its private banking services in Cyprus and eighteen times in total for its respective services in Greece by internationally recognized organizations, including Global Finance magazine.
“This year’s new award from Global Finance magazine also reflects the positive impact of the Group’s updated private banking strategy on the market,” the bank said in a statement. “Eurobank is the only Greek financial institution offering a wide range of products and services from four geographic regions: Cyprus, Greece, Luxembourg and the United Kingdom to all its Private Banking clients, no matter where they are,” the message says.
According to the statement, Eurobank’s next-generation private banking model is based on business simplification and the alignment of products, processes and IT systems in order to provide optimal services and an overall experience for all private banking customers, regardless of the country in which they are located . We decided to keep our investment funds.
“The Global Finance Awards recognize banks in the global marketplace that effectively respond to their clients’ needs in the Private Banking industry by demonstrating strengths that distinguish them in their clients’ preferences and build strong relationships with them,” explained Eurobank.
“The Global Finance Nominating Committee selected the winners based on recommendations from executives and industry experts, as well as key financial issues such as ROI, profits and market penetration,” he added.
In addition, an independent international study also took into account the assessments of Private Banking customers, the quality of services provided, the general level of customer service, competitiveness, good knowledge of the market and its regulations.
This year, Global Finance estimates were based on the performance of each nominee from July 1, 2021 to June 30, 2022.
The final results were a combination of international independent research and data provided by banks.
The Cyprus Stock Exchange (CSE) closed Thursday 27 October with a profit.
The overall Cypriot stock market index stood at 76.12 points at 13:52 during the day, reflecting an increase of 0.26% from the previous trading day.
The FTSE/CySE 20 Index stood at 45.71 points, up 0.26%.
The total transaction value was 17,114 euros.
As for the sub-indices, the main index and the index of investment companies rose by 0.26% and 0.48%, respectively.
Conversely, the hotel and alternative indices declined by 1.91% and 0.07%, respectively.
Atlantic Insurance (+0.67%), Demetra (+0.51%), Hellenic Bank (-1.02%), KEO PLC (no change) and K&G Complex (+2.19%) attracted the highest investment interest.
