Cyprus Mail

Households, SMEs pay back healthy loans as banks extend credit to larger firms

By Stelios Orphanides

Households and small and medium-sized enterprises reduced their overall borrowing by almost €1.1bn and €235.8m, respectively, in 2015, by reducing their stock of performing loans, prompting banks to seek to extend healthy lending to other reliable customers, Central Bank of Cyprus data suggests.

Overall lending rose in December to August slightly, by a mere €79.6m, to over €57.3bn, accompanied by an increase in non-performing loans by €51.5m to €27.4bn, the analysis of central bank data shows. The increase in non-performing loans this year outstripped that of serviced loans which was €28.2m.

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