Non-performing facilities (NPFs) decreased further by €653 million or 3.2% in the first quarter of the year, compared to December 2017, the Central Bank of Cyprus reported on Wednesday.
March registered the largest decrease totalling €2.074 billion, in the first quarter of 2018. NPFs stood at €21.9 billion in February.
Central Bank figures showed that total facilities declined by €749 million or 1.6% from €47.081 million at end of December 2017 to €46.332 million in March 2018, leading to a drop in the ratio of NPFs to total facilities from 43.7% at the end of December 2017 to 43% in the third month of the year.
Between December 2014 and March 2018 there has been an overall decrease in NPFs of €7.4 billion or 27.1%. The coverage ratio increased to 48.5% at the end of March 2018 compared to 46.8% at the end of December 2017.
Total restructured facilities at the end of March 2018 amounted to €11.396 billion, of which €8.260 billion are still classified as NPFs, partly due to the definition of NPFs, based on which a restructured NPF remains under observation within the NPF category for a further period of at least 12 months.
A net reduction in restructured facilities of €425 million was recorded at the end of March 2018, compared to end-December 2017.
Households held the largest part of NPFs amounting to €10.80 billion or 53.6% of total NPFs, whereas enterprises held NPFs of €8.65 billion or 48.4% of total NPFs.