Non-performing loans in Cyprus' banking system in August declined by €16 million to €2.089 billion from €2.105 billion in the previous month, data released by the Central Bank of Cyprus (CBC) show.

According to the CBC, total loans in the system were up by €70 million to €24.396 billion in August from €24.326 the month before, whereas the ratio of NPLs to total loans amounted to 8.6% from 8.7% in the previous month.

Loans with arrears over 90 days in August were at €1.665 billion from €1.663 billion in the previous month and amounted to 6.8% of total loans.

Accumulated provisions in the banking system in August were €1.205 billion, slightly up from €1.197 billion in the month before, with provisions €1.097 billion covering non-performing loans. The coverage ratio in August stood at 52.5%, the CBS said.

In August total restructured facilities declined by €37 million with total restructured loans amounting to €1.920 billion from €1.957 the month before, and represented 7.9% of total loans. Furthermore, restructured facilities that continued to be classified as non-performing declined to €941 million from €946 million in July.

According to the CBC, corporate NPLs amounted to €867 million in August and corresponded to 7.3% of the total corporate loans. Provisions for corporate NPLs stood at 68.6%, the CBC added.

Furthermore, household NPLs in August amounted to €1.18  billion and accounted for 11.1% of total household loans. The coverage ratio for household NPLs amounted to 39.7%.