Pure new credit provided by the Cypriot banks in November amounted to almost pound 258 million with total new lending provided for the period of January - November approaching pound 3 billion marking a slight annual increase despite repeated interest rate hikes. According to data released by the Central Bank of Cyprus (CBC), pure new loans, that is excluding renegotiations, in November amounted to pound 257.8 million, marking a marginal decrease of 0.2% year on year. Corporate new loans over pound 1 million amounted to pound 99.7 million, marking an annual increase of 12.4%. Loans for house purchase rose by an annual 5.9% in November 2023 reaching pound 87.8 million, compared to pound 82.9 million in November of the previous year. According to the CBC, new corporate lending declined by 2.97% year on year in November amounting to pound 42.4 million compared with pound 43.9 million the year before. Consumer credit rose by 72% in November reaching pound 21.3 million compared with pound 12.4 million in Nove mber last year, whereas other pure new credit rose by 22% year on year reaching pound 6.6 million from pound 5.4 million in November 2022. Approaching pound 3 billion According to the CBC data, total new lending for the period of January to November, amounted to pound 2.98 billion, marking an annual increase of 4.94% mainly due to large corporate lending. Corporate new loans over pound 1 million amounted to 43% of total new credit, reaching pound 1.28 billion in the period compared with pound 1.07 billion in the respective period of the previous year. New loans for house purchase represented 31% of total new credit in Cyprus and amounted to pound 0.93 billion compared with pound 1.08 billion in the period of January - November 2022. Corporate loans up to pound 1 million marked a slight decrease, declining to pound 468 million from pound 470 million last year while they represented 15.7% of total new lending. Consumer credit for the period of January - November 2023 rose to pound 215 million from pound 1 42 million in the respective period of last year and amounted to 7.2% of total loans. Furthermore, total other new credit for January - November 2023 rose to pound 97 million compared to pound 72 million in the respective period of last year and represented 3.2% of total loans, the CBC added. Source: Cyprus News Agency