The head of the retail banking division at Bank of Cyprus, Ηaris Pouangare, said that its non-performing loan rate has dropped to one-third of the respective portfolio.
“Out of this, only 15% remains in arrears for more than 90 days,” Pouangare said in an interview on state radio CyBC on Tuesday. “The rest have come (to us) and made arrangements and they are only waiting for time to pass for their loans to be removed from the non-performing (classification)”.
Customers with loans in arrears should “talk with their bankers” about restructuring their loans, the bank’s executive said, adding that directives and recommendations from the Central Bank of Cyprus and parliament, combined with “social pressure,” have yielded results.
In June, the bank’s overall non-performing loan rate fell to 59.3% from 61% in March, while the rate of the 90 days past due loans fell to 44% from 47.1% respectively.