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Non-performing loans drop by €5.6 billion due to sale of Cyprus Cooperative Bank
CNA - CYPRUS/Nicosia 11/01/2019 15:48


Non-performing exposures (NPEs) in the Cyprus banking system dropped to €11.02 billion in September 2018 marking a €5.6 billion reduction since end-June 2018 as Hellenic Bank acquired the performing part of the state-owned Cyprus Cooperative Bank, which has been converted to an asset management company.
 
According to data released by the Central Bank of Cyprus, total NPEs dropped from €16.6 billion in end-June to €11.02 billion marking the lowest level since the 2013 financial crisis. From the beginning of 2018 NPEs have dropped by €10 billion.
 
The percentage of NPEs in the end of September 2018 amounted to 31.8% from 40,3% in end-June and 43% in the end of 2017, while accumulated provisions in the banking system amounted to 51.9% from 48.3% in end-June.
 
“The downward trend in NPFs can be attributed mainly to the removal of loan portfolio fr

(CNA)

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