The drop in November was mainly on a €180.5m reduction of corporate non-performing loans to €9.4bn, which included a €39.5m reduction of those of small and medium size enterprises (SMEs) to €8.4bn, the Central Bank of Cyprus said in a statement on its website on Thursday. Household non-performing loans fell by €107.8m to €11.2bn. Those of other financial corporations rose by €4.5m to €488.3m.

Total outstanding loans also fell in November by €278.11m to €48.3m, the bank supervisor said. The amount of loans remaining unserviced for more than 90 days fell by €130.3m to €16.5bn.

Total restructured facilities, which continue to be classified as non-performing for a minimum probation period of 12 months, fell in November by €57.5m to €12.2bn, the supervisor added. The amount of restructured facilities regularly serviced by borrowers fell by €60.7m to €8.6bn. As a result, the cure ratio of loan restructurings was 70.1%.

Lastly, the total amount of provisions for loan impairment in the banking system fell by €131.6m to €9.9bn, it said.

Source: Cyprus Mail