NPLs at 6.6% of total loans in October, monthly increase of €16m

16:16 - 21 February 2025

Financial Services

Non-performing loans (NPLs) in Cyprus increased by approximately €16 million in October 2024, reaching €1.61 billion. This figure represents 6.6% of total loans, up from 6.5% in September, according to data published by the Central Bank of Cyprus (CBC).

The NPL coverage ratio, which reflects total accumulated provisions against non-performing loans, rose to 56.1% (€993 million) at the end of October, compared to 55.7% (€978 million) in September. Of these provisions, €905 million specifically covered non-performing loans.

According to the CBC data, which follows the definition adopted by the European Banking Authority, total loans overdue by more than 90 days stood at €1.27 billion in October 2024, accounting for 5.2% of total loans.

Total loans declined slightly to €24.35 billion at the end of October 2024, down from €24.41 billion in the previous month. Meanwhile, restructured loans amounted to €1.33 billion, with €711 million of them still classified as non-performing.

NPLs in the household sector reached €898 million in October 2024, representing 8.5% of total household loans. Provisions for household NPLs stood at 41.2% of total loans. The total volume of household loans amounted to €10.60 billion.

In the corporate sector, NPLs rose to €676 million in October 2024, accounting for 5.8% of total corporate loans. Out of this amount, €627 million corresponded to NPLs in small and medium-sized enterprises (SMEs). The provision coverage for corporate NPLs stood at 74.3%.

Total corporate loans reached €11.75 billion at the end of October 2024, with €7.88 billion allocated to SMEs.

NPLs at 6.6% of total loans in October, monthly increase of €16m

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