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

According to data released by the Central Bank of Cyprus on Tuesday, delinquent loans in October amounted to pound 2,015 million from pound 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 pound 24.17 billion from pound 24.36 billion in the previous month.

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

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

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

Source: Cyprus News Agency