Non-performing loans decreased by €60 million in February 2023, compared to the month before, with the ration of total NPLs to total loans dropping to 9.3%. 

According to data published by the Central Bank of Cyprus on Wednesday, NPLs in Cyprus recorded a decrease, reaching €2.26 billion, compared to €2.32 billion the previous month and €2.3 billion at the end of 2022.

Out of €2.26 billion of NPLs, €1.01 billion concern restructured loans, which are still classified as non-performing, based on the directive of the European Banking Authority. The total loans restructured amount to €2.66 billion.

Total lending at the end of February 2023 stood at €24.41 billion, up from €24.30 billion the previous month.

According to CBC data, the banks' accumulated provisions in relation to NPLs increased to 48.4% (€1.20 billion) from 47.2% in the previous month.

Non-financial corporations' non-performing loans decreased in February 2023 to €939 (7.8% of total loans) from €968.59 million in the previous month, of which €825 million related to loans to small and medium enterprises (down from €835 million at the end of January 2023), of which €395 million concern loans that were restructured and are still classified as NPLs.

The ratio of total accumulated impairment to total non-performing loans of non-fiancial corporations stood at 64.7% and of small and medium enterprises at 64.6%.

Total household NPLSs stood at €1.26 billion in February 2023, up from €1.28 billion the previous month, with the coverage ratio standing at 35.8%.