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Loan restructurings decline to a year low.

Loan restructurings in the Cypriot banking sector declined to their lowest level this year, as the banks enter into the more difficult cases of non-performing exposures (NPEs), which in July declined marginally to AaAaAeA@1/422.63 billion, marking a reduction of 0.06 billion compared wi the previous month.

According to figures released by the Central Bank of Cyprus (CBC), loan restructurings declined by AaAaAeA@1/4129 million to AaAaAeA@1/412.68 billion comp with the previous month. Restructurings have declined to a year-low marking a reduction of AaAaAeA@1/40.75 billion compared with January 201

In July NPEs declined marginally to AaAaAeA@1/422.36 billion compared with AaAaAeA@1/42 billion last month. NPEs amounted to 45 per cent of total loans which declined to 49,46 billion in July, marking a reduction of AaAaAeA@1/40.36 billi compared with June 2017.

According to the CBC figures, the monthly reduction is mainly attributed in the migration of restructured non-performing loans to the performing loans portfolio. Under the European Banking Authority Directive, a restructured loan should be considered as non-performing for at least 12 months.

Compared with July 2016, NPEs marked a sizeable reduction of AaAaAeA@1/42 billi or 8.1 per cent.

The banks' accumulated provisions remained unchanged to AaAaAeA@1/410.47 billi resulting in a coverage ratio of 47 per cent over the total NPEs. Compared with January 2017 accumulated provisions marked an increase of AaAaAeA@1/46 million or 6.35 per cent.

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Publication:Cyprus Mail (Cyprus)
Geographic Code:4EXCY
Date:Nov 7, 2017
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