Cyprus sees small drop in bad loans

Cyprus sees small drop in bad loans

Nonperforming loans (NPLs) in Cyprus at the end of October 2022 amounted to 2.69 billion euros, showing a decrease of €32 million compared to the previous month.

According to updated data released on Monday by the Central Bank of Cyprus – with a reference date of October 31, 2022 – NPLs to total lending stood at 10.5% at the end of October, compared to 10.6% the previous month. In the same period, total loans fell to €25.66 billion, from €25.83 billion in September 2022. Moreover, total restructured loans in October decreased to €3.09 billion, compared to €3.12 billion in the previous month, of which €1.29 billion continue to be classified as NPLs, compared with €1.31 billion in the previous month.

Accumulated impairment (provisions) in October 2022 decreased by €6 million, to €1.40 billion, of which, those concerning NPLs are €1.27 billion. Total accumulative provisions against total NPLs stood at 47.3%, from 47% in September.

The NPLs of non-financial corporations fell in October to €1.03 billion, from €1.04 billion in September, of which €884 million concerned small and medium-sized enterprises, CBC data showed.

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