15.10.2022
According to a report released on Friday by the Central Bank of Cyprus, non-performing loans (NPL) in the banking sector of Cyprus at the end of July 2022 amounted to 2.85 billion euros, reflecting a decrease of 69 million euros compared to the previous month. (CBK).
According to the data, the index of non-performing loans in relation to the total number of loans at the end of July was 11% compared to 11.2% in the previous month.
In July 2022, net non-performing loans, excluding restructured loans that remain non-performing in accordance with the European Banking Authority directive, decreased by 38 million euros, falling to 2.01 billion euros.
In addition, total restructured loans reached EUR 3.26 billion in July , compared to EUR 3.268 billion in the previous month, of which EUR 1.4 billion are still classified as NPLs, compared to EUR 1.41 billion last month. .
Accumulated reserves fell to €1.45bn in July from €1.48bn earlier, of which €1.32bn were NPLs, with a NPL coverage ratio of 46.5% from 46.2%. % in June.
According to the central bank, non-performing loans related to enterprises fell to 1.11 billion euros in July 2022 from 1.16 billion euros in the previous month, of which 0.9 billion euros were for small and medium-sized enterprises (SMEs).
The coverage index for corporate problem loans was 61.5% from 61% in June, and for small and medium enterprises – 65.3% from 64% in the previous month.
Finally, total loans to households in July 2022 amounted to €1.42 billion , up from €1.43 in the previous month, with a coverage ratio of 34.1% compared to 33% in June.
REMU (Real Estate Management Unit), set up by the Bank of Cyprus to manage the bank’s non-core real estate, on Friday announced the launch of a new promotional concept called “Limited Time Offer: 15 Assets – 15 Days”.
The campaign includes 15 assets across all asset classes at a special price that will be valid for 15 days only, with this week’s package assets covering 5 residential, 5 commercial and 5 land properties.
“The concept “Limited Time Offer: 15 Assets – 15 Days” refers to promotional discount prices on certain assets in Cyprus, covering all asset classes and geographic areas. These selected assets are instantly available at discounted prices, with assets being offered to potential buyers on a first-come, first-served basis,” REMU said in a statement.
“Prices are firm and final and only bids at these fixed levels will be accepted,” he added.
This limited time offer starts Friday, October 14th through Friday, October 28th, 2022 and will recur every 2 weeks.
REMU stated that “Interested buyers may consider obtaining financing from the Bank of Cyprus under the various housing and other loan products offered by the Bank (first home, holiday home, investment, land purchase)”.
The division clarified that acceptance of an offer to acquire an asset should not be construed as approval of a home or any other loan. In addition, the financing criteria and conditions are based on the expected ability of the offeror to meet its loan obligations.
“Because the ‘Limited Time Offer: 15 Assets – 15 Days’ period is finite and short, prospective buyers will be required to make a 15% upfront payment (non-refundable) within 5 business days of accepting the offer and close the sale within 15 business days. days from the date of signing,” REMU said in a statement.
“This is necessary to ensure mutual readiness and availability on both sides to complete such a divestment of assets,” he added.
In addition, the division stated that offerors who fail to meet the above deadlines in making a sale will be automatically excluded from the sale of the said asset and the asset will be re-introduced to the market as part of a limited-time promotion.
The Cyprus Stock Exchange (CSE) ended Friday, October 14th with a profit.
The overall Cypriot stock market index stood at 73.98 points at 13:00 during the day, reflecting an increase of 0.2% from the previous trading day.
The FTSE/CySE 20 index stood at 44.38 points, up 0.23%.
The total transaction value was 16,959 euros.
As for the sub-indices, the main, alternative and hotel indices rose by 0.15%, 0.36% and 2.97% respectively, while the investment companies index remained unchanged.
Atlantic Insurance (-2.6%), Logicom (no change), Cyprus Cement Company (no change), KEO PLC (+5%) and Tsokkos Hotels (+9.62%) attracted the most investment interest.
