The CCB is also 6 to 12 months ahead in reducing non-performing loans (NPLs) through loan restructuring, with the total reduced to €7.25 billion, the lowest level in almost two years.

Speaking to the Cyprus News Agency after the end of the first half of 2016, the CEO of the CCB, Nicholas Hadjiyiannis said: “from the beginning of the year we are within our target for loan restructurings beyond €1 billion in 2016, and we are very happy with the huge progress being made.”

Hadjiyiannis said that during the last 12 months (since June 2015), loan restructurings totalling €1.4 billion were conducted in over 13,000 customer accounts.

The CCB CEO added that June was the best month in terms of loan restructurings, with over €125 million in loans restructured. During the second quarter, he said, loan restructurings hovered at around €340 million, compared to €325 million during the first quarter, recording a total of €660 million for the first half of the current year.

According to Hadjiyiannis, approximately 1,000 accounts are restructured every month.

Source: InCyprus