The steady downward trend of Non Performing Loans (NPLs) in the Cypriot banking system continued in August, showing a further decrease of €15 million to €1.63 billion (from €1.65 billion in July), according to data released on Tuesday by the Central Bank of Cyprus (CBC).

Total loans stood at €24.05 billion at the end of August 2024, up from €24.13 billion in July, while the share of NPLs in total loans remained at 6.8%, the same as in the previous month.

According to CBC data, total loans with amounts past due for more than 90 days stood at €1.29 billion or 5.4% of total loans in August 2024, unchanged from the previous month.

The NPLs coverage ratio stood at 55.3% (€990 million) at the end of August, compared to 55.2% at the end of July 2024.

Moreover, total restructured loans amounted to €1.36 billion, compared to €1.32 billion in July 2024, of which €713 million continue to be classified as NPLs.

Household NPLs stood at €916 million in August 2024, representing 8.7% of total loans, with a cover ratio of 40.6% (€393 million). Total household loans amounted to €10.53 billion.

Non-financial corporations NPLs amounted to €682 million in August 2024 or 5.7% of total lending, of which €606 million are NPLs of SMEs. Total accumulated provisions for corporate NPLs stand at 73.5%. Corporate loans stood at €11.98 billion at the end of August 2024.