Total new loans in May spiked to pound 1,07 billion, more than doubled from the previous month due renegotiated loans for which new contracts were signed, while fresh new credit rose to pound 536.5 million. According to data published by the Central Bank of Cyprus, total pure new loans amounted to pound 556.8 million compared with pound 202 million in the previous month. Corporate loans over pound 1 million received the lions' share of new lending with pound 351 million pure news loans, followed by loans for house purchase which almost doubled compared with the previous month, amounting to pound 105 million. New corporate lending up to pound 1 million amounted to pound 49 million. According to the CBC, consumer lending amounted to 22,7 million, while other loans were pound 9.7 million. Furthermore, total renegotiated loans for which new contracts are signed amounted to pound 536.4 million, as borrowers and particularly corporations reschedule their loans due to rising interest rates. Renegotiated corporate loans over pound 1 million amounted to pound 402.5 million, while again housing loans restructurings followed with pound 66.2 million. Renegotiated corporate loans up to pound 1 million amounted to pound 40.9 million. Consumer renegotiated loans amounted to pound 6.5 million while other loan restructurings were pound 20.9 million.

Source: Cyprus News Agency