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Cyprus Registers the Second Highest NPL Ratio in the EU

Cyprus Registers the Second Highest NPL Ratio in the EU

The Cyprus banking system continues to post the second highest Non-Performing Loan (NPL) ratio in the European Union, following Greece, according data published by the European Banking Authority (EBA) on Thursday 4 July.
 
The EBA issued its risk dashboard for the first quarter of 2019 showing that the NPLs (90 days past due definition) in Cyprus’s three systemic banks amounted to 34.1% compared with the EU average of just 3.1% of total loans. In absolute terms, bad loans amounted to €6.9 billion. Greece holds the top spot with an NPL ratio of 41.4% or €84.3 billion.  Portugal posted the third highest NPL rate with just 9.57% and Italy the fourth highest with 8.25%.
 
However, the EBA noted that NPLS continued their declining trend albeit at a slower pace in the first quarter of the year.
 
Cyprus NPL coverage ratio was however slightly above the EU average with 45.9% compared with 45.1%.
 
The Cyprus banking system capital ratios where below the EU average in the first quarter of 2019. The CET1 capital ratio for the Cypriot banks amounted to 13.7%, compared with the EU average of 14.7%, while Cyprus’ total capital ratio reached 17.4% compared with the EU average of 18.9%.
 
Cyprus’ ratio of net interest income (NII) amounted to 2.16% compared with the EU average of 1.41%, while the Cypriot banks return on equity climbed to 13.6% compared with the EU average of 6.8%.
 
Furthermore, Cyprus posted the fifth highest NII to total operating income indicator which in the first quarter amounted to 72.4% compared to the EU average of 59%.
 
According to EBA’s data, Cyprus posted the fifth highest cost-to-income ratio in Q1 this year which amounted to 70.8% compared with the EU average of just 6.63%.
 
Cyprus’ loan to deposit ratio amounted to 60.1% compared with the EU average of 116%.
 
Moreover, Cyprus continues to post high liquidity ratios, recording the third highest Liquidity Coverage Ratio (LCR) with 326% compared with the EU average of 153%.

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