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banking sector non-performing loans

Cyprus Non-Performing Loans: A Steady Economic Indicator

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Nonperforming loans in Cyprus hold steady at €1.77 billion, with a stable NPL ratio of 7.4 percent, reflecting the banking sector’s resilience in managing credit risk and supporting customers through restructured agreements amid economic challenges. The consistent figures from the Central Bank of Cyprus reveal a banking sector adapting to fluctuating financial circumstances while maintaining transparency and trust, offering a grounded perspective on the health of Cyprus’ financial landscape.

banking sector economic growth

Steady Growth and Strong Resilience in Cyprus’s Banking Sector

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Cyprus’s banking sector has shown remarkable resilience and steady growth amidst global uncertainties, with banks maintaining high liquidity coverage and profitability. The nation’s commitment to addressing nonperforming loans and preparing for challenges like climate change and digitalization reflects a forwardlooking approach to ensuring longterm stability and success.

banking deposits

Cyprus Banking Trends: Deposits Rise While Loans Decline

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In Cyprus, deposits in banks are on the rise, increasing by €209.1 million in April to reach a total of €52.5 billion, while loans have seen a decline of €278.6 million in the same month, totaling €24.9 billion. This trend indicates a growing savings trend and cautious borrowing behavior in the Cypriot economy, reflecting the current financial landscape in the country.

economy loans

New Loans in Cyprus Surge in February

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In February 2024, Cyprus experienced a surge in new loans totaling €575.5 million, driven by increased lending to companies, signaling economic growth and confidence in the financial sector. The rise in loans, particularly in the corporate sector with significant loans exceeding €1 million, highlights a shift towards largerscale investments and expansion within the Cypriot economy.

non-performing loans repayment plan

New Repayment Opportunity for Homeowners with Non-Performing Loans

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Kedipes and doValue Cyprus have introduced a new repayment plan for homeowners with nonperforming loans on primary residences valued up to €350,000, offering reduced payments based on property market value. The initiative aims to provide quick relief for those struggling with debt, with a simplified application process and immediate approvals for eligible borrowers.

economy banking sector

Cyprus Sees Surge in Deposits and Loans in February

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The banking trends in Cyprus have taken a positive turn in February 2024, revealing a €65.4 million increase in deposits and a significant €348.9 million rise in loans. These figures point towards a potential return to financial stability and growth in the local economy, with signs of increased consumer confidence and corporate borrowing for investment or expansion.

finance economy

Cyprus Sees 47 Percent Surge in New Loans, Corporate Borrowing Spikes

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In January 2024, Cyprus experienced a significant 47 percent surge in new loans compared to the previous year, mainly driven by a 379 percent spike in large corporate borrowing, showcasing a strong economic growth and business confidence in the country. While housing loans saw a slight decline, consumer loans surged by 65 percent, indicating a mixed picture of corporate confidence and consumer caution in the financial landscape of Cyprus.

1 non-performing loans (npls)

Cyprus Sees Further Reduction in Non-Performing Loans in September 2023

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As of September 2023, Cyprus has experienced a further reduction in nonperforming loans (NPLs), with a decrease to €2.02 billion, down from €2.08 billion in August. The NPL ratio has improved to 8.3 percent, and the banking sector continues to demonstrate resilience, evidenced by stable coverage ratios and a decrease in loans with delays beyond 90 days.

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