BANKING

Cyprus NPLs post decline in October

Cyprus NPLs post decline in October

Total nonperforming loans (NPLs) in the Cyprus banking sector decreased by 32 million euros at the end of October from a month earlier.

According to data released on Wednesday by the Central Bank of Cyprus, total nonperforming loans decreased in October to almost €4.25 billion, from about €4.29 billion at the end of September and approximately €5.11 billion at the end of 2020.

As a result, the ratio of nonperforming loans to total loans decreased to 15.3% at the end of October, from 15.4% at the end of the previous month.

The coverage ratio rose to 46.5% at the end of October, from 45.7% at the end of September.

Total loans restructured amounted to €3.94 billion, of which €2.05 million are still classified as nonperforming loans.

Data on total loans for November revealed a net decrease of €3.9 million, compared with a net decrease of €15.7 million in October.

The annual growth rate in November stood at 1.4%, compared with 1.3% in October, according to figures the Central Bank of Cyprus released at end of last month.