Non-performing loans (NPLs) in the Cyprus banking system remained stable in November 2024, standing at €1.61 billion, according to data released by the Central Bank of Cyprus (CBC) on Thursday.

The total loans in the banking sector at the end of November 2024 amounted to €24.43 billion, slightly up from €24.35 billion in October 2024.

Despite this slight increase, the ratio of NPLs to total loans remained unchanged at 6.6 per cent, the same as in the previous month.

In line with the European Banking Authority’s definition, loans that were overdue by more than 90 days decreased in November 2024, falling to €1.25 billion, or 5.2 per cent of total loans, from €1.27 billion.

This represented no change compared to the previous month.

The coverage ratio for NPLs, which is the total accumulated provisions against total NPLs, stood at 56.4 per cent (€993 million) at the end of November 2024, up slightly from 56.1 per cent at the end of October.

Additionally, the total restructured loans amounted to €1.31 billion, of which €712 million continue to be classified as NPLs.

NPLs for households amounted to €882 million in November 2024, accounting for 8.3 per cent of total loans.

The total accumulated provisions for these household NPLs stood at 41 per cent of the total loans to households, which totalled €10.61 billion.

For companies, NPLs amounted to €687 million in November 2024, representing 5.8 per cent of total loans.

Of this amount, €639 million were NPLs of small and medium-sized enterprises (SMEs).

The total accumulated provisions for corporate NPLs stood at 74.7 per cent, while total loans to companies stood at €11.88 billion at the end of November 2024.