Economy category powered by

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

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)

Read More

Central Banks of Cyprus and Greece to sign Memorandum of Cooperation
Cyprus receives greater EIB support in 2023, with heavy focus on green investments
Industrial production in Cyprus up 2.4% in 2023
Implementation of development expenditure at 1% in January
FinMin and Research Dep. Minister agree to cooperate to promote digital transition
Yoshio Yamawaki: It is important to make Japanese companies aware of Cyprus’ advantageous FDI environment
Keravnos’ message to lawyers and accountants: “We should all be pushing to establish the supervisory authority”
Energy Minister attends Investopia 2024 in Abu Dhabi
Nielsen’s new methodology is evolving how television viewing in Cyprus is measured
Slovenian House Speaker paying official visit to Cyprus