Non-performing loans in Cyprus’ banking system in August declined by pound 16 million to pound 2.089 billion from pound 2.105 billion in the previous month, data released by the Central Bank of Cyprus (CBC) show. According to the CBC, total loans in the system were up by pound 70 million to pound 24.396 billion in August from pound 24.326 the month before, whereas the ratio of NPLs to total loans amounted to 8.6% from 8.7% in the previous month. Loans with arrears over 90 days in August were at pound 1.665 billion from pound 1.663 billion in the previous month and amounted to 6.8% of total loans. Accumulated provisions in the banking system in August were pound 1.205 billion, slightly up from pound 1.197 billion in the month before, with provisions pound 1.097 billion covering non-performing loans. The coverage ratio in August stood at 52.5%, the CBS said. In August total restructured facilities declined by pound 37 million with total restructured loans amounting to pound 1.920 billion from pound 1.957 the month before, and represented 7.9% of total loans. Furthermore, restructured facilities that continued to be classified as non-performing declined to pound 941 million from pound 946 million in July. According to the CBC, corporate NPLs amounted to pound 867 million in August and corresponded to 7.3% of the total corporate loans. Provisions for corporate NPLs stood at 68.6%, the CBC added. Furthermore, household NPLs in August amounted to pound 1.18 billion and accounted for 11.1% of total household loans. The coverage ratio for household NPLs amounted to 39.7%.
Source: Cyprus News Agency