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.