Number of Problem Loans Decreasing in Cyprus

На Кипре снижается количество проблемных кредитов
30 September 2021 DOM LiVE
691

According to the latest data released by the Central Bank of Cyprus (CBK) on Thursday, September 30, the volume of non-performing bank loans (NPLs) in the country in June 2021 fell to 4.987 million euros, compared to 5.134 million euros a month earlier.

At the same time, the total amount of non-performing loans in the Cyprus banking system by the end of the sixth month of this year decreased by 2.8% or by 142 million euros compared to the end of March 2021.

The total amount of loans issued also decreased from 28.633 million euros at the end of March 2021 to 28.391 million euros at the end of June 2021, which is 242 million euros or 0.8% less.

The coverage ratio rose to 46.8% at the end of June 2021, up from 47.2% at the end of March 2021. It is noted that for the period from December 31, 2014 to June 30, 2021, there was an overall decrease in non-performing loans by 22.3 billion euros or 81.8%.

На Кипре снижается количество проблемных кредитов

According to the Central Bank, the downward trend in non-performing loans in the second quarter of 2021 is associated with loan write-offs. Also contributing to the decline in non-performing loans were loans, which were successfully restructured and reclassified as non-performing loans at the end of the monitoring period.

The total amount of loans restructured by the end of June 2021 amounted to EUR 4.01 million, of which EUR 2.34 million is still included in non-performing loans.

It is worth noting that de facto non-performing loans are a persistent weakness in the country's banking sector, although it is predicted that the state of affairs will gradually improve. Red loans continue to pose a risk to the stability of the island's financial system and remain the main obstacle to strengthening the banking sector.
Source: stockwatch.com.cy
Photos: pixabay.com
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