Insider Economy Bad loans in Cyprus drop slightly at end of February, remaining stable...

Bad loans in Cyprus drop slightly at end of February, remaining stable at 27.9% of total loans

A small decrease of €4 million was recorded in total non-performing loans (NPLs) at the end of February 2020, compared to the end of 2019, according to data released on Friday by the Central Bank of Cyprus (CBC).

The ratio of non-performing loans to total loans remained at 27.9%, as it was at the end of the fourth quarter of 2019.

Specifically, according to the data, NPLs decreased to €8,968 million at the end of February 2020, from €8,972 million at the end of December 2019. The coverage ratio reached 54.6% compared to 53.5% at the end of December 2019.

In addition, total loans increased to €32,199 million at the end of February, from €32,123 million at the end of December 2019.

According to CBC data, the total accumulated provisions amounted to €5.04 billion or 54.5% of the total NPLs, of which €4.9 billion concerned to NPLs.

Business loans at the end of February 2020 amounted to € 16.2 billion, of which € 3.95 billion or 24.4% were non-performing, while total loans to households amounted to € 13.21 billion, of which € 4.63 billion or 35.1% were non-performing.

According to the CBC, total loans restructured by the end of February 2020 amounted to €5,299 million, of which € 3,994 million continued to be classified as NPLS.

(CNA)

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