Cypriot NPLs show growth in January

Cypriot NPLs show growth in January

Nonperforming loans in Cyprus rose by 12.8 million euros in January 2023 compared with December 2022, amounting to €2.32 billion or 9.5% of total loans.

According to data released on Thursday by the Central Bank of Cyprus (CBC), total loans in January 2023 amounted to €24.3 billion, €24.36 billion lower than in December 2022. Provisions against NPLs amounted to 47.2% in January 2023.

Loans with amounts due over 90 days came to €1.84 billion, corresponding to 7.6% of total loans compared with €1.83 billion in the previous month (7.6%).

According to the CBC, total restructured loans in January 2023 amounted to €2.71 billion, compared with €2.73 billion in December 2022, whereas restructured facilities which continued to be classified as nonperforming amounted to €1 billion.

Of the total NPLs, the majority were held by households with €1.29 billion, while NPEs held by non-financial corporations amounted to €969 million, of which €835 million belongs to small and medium-sized corporations. The coverage ratio for corporate NPLs amounted to 63.2% whereas provisions for household NPLs stood at 34.5%, the CBC said.

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