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CNA - Non-performing loans decline slightly below €22 billion in February




CNA - CYPRUS/Nicosia - Non- performing exposures (NPEs) in the Cypriot banking system declined below €22 billion in February representing 45.3% of total loans, according to data released today by the Central Bank of Cyprus (CBC).

In January 2018, NPEs spiked by almost €2 billion compared with December 2017, due to the impact of the International Financial Reporting Standard 9 which forces banks to recognize expected losses.

Owing to the IFRS 9, accumulated provisions for credit losses reached a new high since 2014, amounting to €11.84 billion which corresponds to a coverage ratio of 54% of total NPEs, the CBC added.

In absolute terms, NPES declined in February by €0.12 billion or 0,55% to €21.9 billion compared with €22.11 in January.

Total loans in February registered an increase of €99 million amounting to €48.5 billion.

Restructured facilities declined to €12.02 billion in February marking an increase of €61 million compared with the previous month
Restructured facilities that continue to be classified as non-performing increased by €11 million amounting to €8.87 billion in February.

In February, Household NPEs accounted for 52% of total NPEs amounting to €11.36 billion while corporate non-performing loans accounted for 46% of total NPEs amounting to €10.15 billion of 46% of total NPEs, the CBC said.

CNA/GS/GV/2018
ENDS, CYPRUS NEWS AGENCY
________________________________________

Cyprus News Agency, 21 Academias Avenue, 2107 Aglantzia, Nicosia
Tel. 22556000, Fax. 22556100, email:news@cna.org.cy, website: www.cna.org.cy



Agency : CNA

Date : 2018-06-13 08:02:22







 

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