Cyprus non-performing loans drop to 6.5% in Q3 2024
January 16, 2025

Cyprus non-performing loans drop to 6.5% in Q3 2024

At the end of September 2024, Cyprus' non-performing loans (NPL) ratio decreased to 6.5% (€1.6 billion) from 6.9% (€1.7 billion) in June 2024, according to the Central Bank of Cyprus (CBC). The coverage ratio for NPLs with provisions increased to 55.7% (€0.9 billion) from 55% in the previous quarter.

The decline in NPLs in Q3 2024 was mainly due to loan repayments, successful loan restructurings that led to reclassification as performing loans, and loan write-offs, which often involve amounts already covered by provisions.

At the end of September 2024, the total value of restructured loans was €1.3 billion, with €0.7 billion still classified as NPLs.