By Michalis Michael
A decrease of EUR 151 million, or 1.46%, was recorded for total non-performing loans in March, which stood at EUR 10.14 billion.
According to Central Bank data, the percentage of non-performing grants (under the European Banking Authority’s directive) against total loans fell to 30.6% in March, from 31.1% in the previous month, as the rate that red loans fell exceeded the rate of reduction of total loans in the system.
The decline is in non-performing loans (NPLs) is less, which fell by just EUR 34m to EUR 7.9bn in March, compared to EUR 7.97bn last month. As a percentage of total loans, NPLs accounted for 24% of total loans from 24.1% last month.
On a quarterly basis, non-performing grants declined by just EUR 116 million, while on a year-on-year basis (March 2018) red loans declined by EUR 8.23 billion, mainly reflecting the sale of the NPLs package by the Bank of Cyrus (EUR 2.7 billion) and the transfer of the non-performing grants of the former Co-operative Bank of Cyprus outside the banking system and to the state loan management body (KEDIPES).
The lion’s share of red loans is held by households with a total of EUR 5.15 billion (a decrease of EUR 38 million compared to February = 51%, while corporate red loans totaled EUR 4.7 billion) in March, down by EUR 118 million compared to the previous month./ibna