The Central Bank of Cyprus has today published updated aggregate Cyprus banking sector data (non-performing loans data) with reference date 31 December 2024.
At the end of December 2024, the Non Performing Loans (NPL) ratio of the banking sector further decreased to 6,2% from 6,5% the end of September 2024. Τhe coverage ratio of NPLs with provisions increased to 58,3% or €0,9 bn at the end of December 2024 compared with 55,7% or €0,9 bn at the end of September 2024.
The reduction in NPLs within 2024 Q4 is mainly attributed, by order of significance, to the following factors: 1) loan repayments (including debt-to-asset swaps), 2) loan write-offs, 3) the reclassification of debt instruments as held for sale and 4) positive migrations of loans which have undergone successful restructurings and have now been reclassified as performing after the end of the surveillance/probation period.
Total restructured loans of Authorized Credit Institutions at end-December 2024 amounted to €1,3 bn, of which loans of €0,7 bn continue to be classified as NPLs.
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