The banking sector is facing multiple challenges ranging from the large percentage of non-performing loans (NPLs) to climate change, despite progress made over the past years, speakers at the Annual General Meeting of the Association of Cyprus Banks that took place on Wednesday, underlined.
Finance Minister Constantinos Petrides said that despite the fact that the pandemic isn’t over yet, the progress of the Cypriot banking sector is already remarkable and is steadily moving towards sustainability. Nevertheless, Petrides noted, “the challenges for the banking sector remain”, noting that the size of Non-Performing Loans is still large both relative to the size of the economy and the relevant European index.
Source: Cyprus News Agency