In 2023, despite high interest rates, there was an increased demand for loans among households and businesses, with the Bank of Cyprus and Hellenic Bank providing liquidity exceeding €3 billion.

According to the financial results announced by the Bank of Cyprus and Hellenic Bank, the total lending in 2023 amounted to €3.2 billion, with €2 billion from the Bank of Cyprus and €1.2 billion from Hellenic Bank.

In detail, the Bank of Cyprus granted loans totaling €2.025 billion in 2023, compared to €2.092 billion in 2022, showing a slight decrease of 3.2%. Of these loans, €865 million were for businesses, €454 million were housing loans, €270 million were other retail loans (e.g., personal), €223 million were maritime and international loans, and €213 million were for Small and Medium-sized Enterprises (SMEs).

Furthermore, based on the Bank of Cyprus's financial results, new lending in Cyprus in Q4 of 2023 amounted to €462 million, compared to €445 million in Q3, €494 million in Q2, and €624 million in Q1, showing a 4% increase on a quarterly basis.

The new lending in Q4 of 2023 comprised loans of €166 million to large enterprises, €187 million to private individuals (retail banking), including €124 million in housing loans, €43 million to SMEs, and €66 million in shipping and international operations.

For the year ending 31 December 2023, as reported, new lending amounted to €2.025 billion, despite an environment of rising interest rates, primarily due to increased demand for business loans.

In 2023, Hellenic Bank granted loans totaling €1.2 billion, of which €219 million were part of the bank's total new green loans, representing 18% of the total new lending, marking a 2% increase compared to €1.179 billion in 2022.

The total new lending in the fourth quarter of 2023 was €304 million, compared to €254 million in the third quarter of 2023.

Based on Hellenic Bank's financial results, the bank's new lending in 2023 included €463 million in retail loans, of which €343 million were housing loans, €358 million in corporate loans, €165 million in commercial loans, and €218 million in shipping and international loans.

As highlighted in the financial results, Hellenic Bank continued to provide loans to creditworthy businesses and households, while simultaneously focusing on managing early delinquencies and preventing new Non-Performing Loans (NPLs), a strategy also followed by the Bank of Cyprus.