NPLs at 9.3% of total loans in February
07:53 - 18 May 2023
Non-performing loans (NPLs) decreased by €60m in February compared to the month before, making up 9.3% of total loans said the Central Bank of Cyprus.
NPLs totalled €2.26b, down from €2.32b the previous month and €2.3b at the end of 2022. Of those, €1.01b concern restructured loans, which are still classified as non-performing based on the directive of the European Banking Authority. The total loans restructured amount to €2.66b.
Total lending at the end of February 2023 stood at €24.41b, up from €24.30b the previous month.
The banks' accumulated provisions in relation to NPLs increased to 48.4% (€1.20b) from 47.2% in January.
Non-financial corporations' NPLs decreased in February 2023 to €939m (7.8% of total loans) from €968.59m the previous month, of which €825m were loans to small and medium sized enterprises (€835m in January), of which €395m were loans that were restructured and are still classified as NPLs.
The ratio of total accumulated impairment to total non-performing loans of non-financial corporations stood at 64.7% and of small and medium enterprises at 64.6%.
Total household NPLs stood at €1.26b in February 2023, up from €1.28b the previous month, with a coverage ratio of 35.8%.