NPLs remain unchanged at €2 billion in October amid rising interest rates

14:22 - 16 January 2024

Economy Reporter

Non-performing loans in the Cyprus banking system remained essentially unchanged at €2 billion in October 2023, marking a marginal reduction of just €2 million, in an environment of rising interest rates.

According to data released by the Central Bank of Cyprus, delinquent loans in October amounted to €2,015 million from €2,017 the month before. NPLs as a percentage to total loans remained unchanged to 8.3%, compared with 9.5% in January 2023. Total loans in end-October amounted to €24.17 billion from €24.36 billion in the previous month.

The majority of NPLs or €1.11 billion were held by households, while corporate NPLs amounted to €0.85 billion. NPL coverage ratio stood at 50.8%.

Loans in arrears more than 90 days in October amounted to €1.57 billion from €1.58 billion the month before, representing 6.5% of total loans, the CBC added.

According to the CBC, restructured facilities amounted to €1.82 billion from €1.86 billion in the previous month, whereas restructured facilities that continue to be classified as non-performing were €0.91 billion from €0.92 in September.

(Source: CNA)

NPLs remain unchanged at €2 billion in October amid rising interest rates

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