Leading Cypriot banks have made steady progress in tackling non-performing loans (NPLs) over the past five years.
The country’s two largest lenders significantly reduced their holdings of bad debt between 2016 and 2020. Back in 2016, Bank of Cyprus and Hellenic Bank had NPL ratios of 41% and 44.8%, respectively, as the region grappled with the fallout from the European debt crisis.
