Bank of Cyprus is setting targets for a single digit percentage of Non-Performing Loans, after the latest reductions in the portfolio.
The Bank has reduced to 16% the NPLs in its portfolio from 63% and according to information from Insider in 2021 it aims to absorb the new NPLs that will arise due to the pandemic but also to strengthen credit expansion. This will ensure the viability of businesses and especially small and medium-sized enterprises, including boosting their liquidity, employment and wage levels, especially small and medium-sized enterprises, and ultimately restarting the economy.
Another goal is the final treatment of 88% of NPLs, with a reduction of 13.5 billion. equivalent to about 60% of GDP. In addition, it aims to reduce by 70% from organic movements which are mainly related to restructuring.
Philenews / Insider