Non-performing loans (NPLs) rose by pound 12.8 million in January 2023 compared with December 2022, amounting to pound 2.32 billion or 9.5% of total loans. According to data released by the Central Bank of Cyprus (CBC), total loans in January 2023 amounted to pound 24.3 billion, down by pound 24.36 billion in December 2022. Provisions against NPLs amounted to 47.2% in January 2023. Loans with amounts due over 90 days amounted to pound 1.84 billion, corresponding to 7.6% of total loans compared with pound 1.83 billion in the previous month (7.6%). According to the CBC, total restructured loans in January 2023 amounted to pound 2.71 billion compared with pound 2.73 billion in December 2022, whereas restructured facilities which continued to be classified as non-performing amounted to pound 1 billion. Of the total NPLs, the majority were held by households with pound 1.29 billion, while NPEs held by non-financial corporations amounted to pound 969 million, of which pound 835 belong 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.
Source: Cyprus News Agency