Non-Performing Loans in Cyprus increased by approximately €16 million in October 2024, reaching €1.61 billion, according to data released by the Central Bank of Cyprus (CBC) on Friday. This figure represents 6.6% of total loans, up from 6.5% in September.

The NPL coverage ratio, which reflects total accumulated provisions against NPLs, rose to 56.1% (€993 million) at the end of October, compared to 55.7% (€978 million) in September. Of these accumulated provisions, €905 million corresponded specifically to NPLs.

According to the CBC, following the definition set by the European Banking Authority, total loans past due for more than 90 days stood at €1.27 billion in October 2024, accounting for 5.2% of all loans.

Total loans decreased to €24.35 billion at the end of October 2024, down from €24.41 billion in the previous month. Meanwhile, restructured loans totaled €1.33 billion, of which €711 million continue to be classified as NPLs.

Household NPLs reached €898 million in October 2024, representing 8.5% of total household loans. Accumulated provisions for household NPLs accounted for 41.2% of total household loans, while total household loans amounted to €10.60 billion.

Corporate NPLs stood at €676 million in October 2024, or 5.8% of total corporate loans, with €627 million attributed to small and medium-sized enterprises (SMEs). The accumulated provisions for corporate NPLs reached 74.3%.

At the end of October 2024, total corporate loans were recorded at €11.75 billion, of which €7.88 billion were allocated to SMEs.