NPEs decrease by Euros 806 mln on an annual basis, the Cyprus Cooperative Bank announces

Cyprus Cooperative Bank’s (CCB) Non Performing Exposures (NPEs) decreased by Euros 806 mln on an annual basis, the bank’s NPF management directorate announced on Wednesday.

In particular, NPEs stood on December 31, 2017, at Euros 6,413 mln, reduced by 11.5% in comparison to the same period last year (Euros 7,250 mln in December 2016) and by 15.6% compared to their peak in December 2015, when they reached Euros 7,650 mln.

This year’s reduction in NPEs was achieved during the second half of 2017, amid the greatest bank merger ever done in Cyprus and after having met the targets set by the supervisory authorities, the announcement goes on.

The Cyprus Cooperative Bank also notes that from 2018 onwards this effort will be pursued by a joint venture created by CCB and Altamira, a Spanish company with expertise in retail NPL management in Europe. This development presents even greater prospects of success, the bank announcement concludes.

Source: Cyprus News Agency