Non-performing loans in the Cyprus banking system in June declined by €83 million to €2.11 billion from 2.19 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 down by €99 million to €24.41 billion in June from €24.51 the month before, whereas the ratio of NPLs to total loans amounted to 8.7% from 8.9% in the previous month.

Loans with arrears over 90 days in June dropped by €65 million to €1.66 billion from €1.73 billion in the previous month and amounted to 6.8% of total loans.

Accumulated provisions in the banking system in June were €1.17 billion, slightly down from €1.20 billion in the month before, with provisions €1.06% billion covering non-performing loans. The coverage ratio in June stood at 50.4% the CBS said.

In June total restructured facilities declined by €270 million with total restructured loans amounting to €2.03 billion from €2.29 the month before and were 8.3% of total loans. Furthermore, restructured facilities that continued to be classified as non-performing declined to €0.95 billion from €0.98 billion in May.

According to the CBC, corporate NPLs amounted to €0.88 billion in June from €0.93 billion the month before and corresponded to 8.3% of total corporate loans. Provisions for corporate NPLs stood at 66.5%, the CBC added.

Furthermore, household NPLs in June amounted to €1.19  billion from €1.22 billion the month before and accounted for 11.2% of total household loans. The coverage ratio for household NPLs amounted to 37.5%.