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ECONOMY

NPEs Increase by €87 Million in October

NPEs Increase by €87 Million in October

Non-performing exposures (NPEs) in Cyprus banks recorded an increase of € 87 million in October 2018 compared to September 2018, despite the fact that they remained unchanged as a ratio to total loans.

According to figures released Tuesday by the Central Bank of Cyprus, the NPEs ratio to total loans remained at 31.8% as in September 2018, following the significant decline in the third quarter of 2018 due to the removal of €7bn of Cyprus Cooperative Bank`s NPEs from the banking system.

Total loans with amounts less than 90 days late reached 23.7% compared to 23.6% in September.

Total accumulated impairment provisions were 51.8% compared to 51.9% in September.

However, despite the fact that the ratio remained unchanged, both NPEs and loans with amount less than 90 days late increased compared with September.

NPEs increased by € 87 million to €11.11 billion compared to € 11.02 billion in September, while loans with amounts less than 90 days late to € 8.3 billion compared to € 8.2 billion.

Total accumulated impairment provisions amounted to € 5.75 billion compared to € 5.71 billion in September.

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