articles | 19 December 2016

Bad loans drop in Cyprus' banks

The total amount of non-performing loans held by all Cypriot banks decreased by €430m in September 2016, according to data released by the Central Bank of Cyprus (CBC).

Non-performing loans decreased by €600m in the third quarter falling to €24.12bn from €24.55bn the previous month.

Total loans shrank in the third quarter by approximately €400m reaching €49.59bn. From December 2014 until September 2016, the overall decrease in non-performing loans amounted to €3.2bn. or 11.7%.

The NPLs have declined since the beginning of the current year at €2.54bn representing 48.6% of total loans from 49.45% the previous month.

Total loans under restructuring scheme until the end of September 2016 amounted to €13.59bn, of which €10.06bn are still included in non-performing loans due, to some degree, to the definition of non-performing loans.

Source: Famagusta Gazette

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