NPLs increase in March according to Central Bank of Cyprus

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Non Performing Loans (NPLs) reached 26.77 billion euros in March 2014, and increased by 212 million euros, solely due to the increase of NPLs in the Cooperative, according to data released on Wednesday by the Central Bank of Cyprus (CBC).

Loans at commercial banks reached 41,76% in March or 20.02 billion euros compared to 41.34% or 20.19 billion euros in February 2014.
Therefore NPLs increased as a percentage of the total loans, but dropped in numbers due to deleveraging.

NPLs reached 50.7% of total loans in the Cooperative, amounting to 6.75 billion euros, compared to 6.37% (47.77%) in February.
As regards banks, loans to businesses reached 30.42 billion euros, of which 45.71% or 13.9 billion euros are Non Performing Loans.
The biggest number of loans concern the constructive sector and reach 7.15 million, of which 68.28% (67.71% in February) were NPLs.
Loans to individuals and households were slightly reduced to 14.06 billion euros, of which 43.48% or 6.11 billion euros were NPLs.
Loans for housing or immovable property purchase were up to 9.50 billion euros, of which 3.7 bilion euros or 38.8% were past due by more than 90 days.
As regards the Cooperative credit institutions, loans to businesses reached in March 2.92 billion euros, of which 41.73% or 1.22 billion euros were NPLs.
Credit facilities to individuals and households reached 10.39 billion euros of which 53.25%, compared to 49.86% in February, were NPLs.
As regards consumption loans, the percentage of NPLs reached 61.37% of total loans, which were up to 4.31 billion euros.
Even though loans for immovable property purchase remained at the same levels, the percentage of NPLs rose from 41.7% in February to 45.36% in March.
The percentage of NPLs reached 54.04% of total consumption loans, which were 2.93 billion euros.
According to CBC data, restructured loans in commercial banks reached 13.17% in March or 6.31 billion euros, compared to 11.93% in February.
As regards the Cooperatives, restructured loans reached 4.90% in March or 0.65 billon euros, compared to 1.97% in February.
However restructuring of loans at the Cooperative was delayed due to the process for the merging of Cooperative Credit Institutions.

According to a new CBC directive loans being restructured are those not being repaid for at least six months.