Non-Performing Loans In Cyprus Banking System Drop To 6.5% In Q3 2024

by THEFUTURE.TEAM

January 15, 2025

The ratio of Non-Performing Loans (NPLs) in Cyprus’s banking sector fell to 6.5%, equivalent to €1.6 billion, at the end of September 2024, down from 6.9% (€1.7 billion) in June 2024, according to the Central Bank of Cyprus (CBC).

The coverage ratio for NPLs, reflecting provisions held against these loans, increased slightly to 55.7% (€0.9 billion) by the end of September, compared to 55% in June 2024.

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The CBC attributed the reduction in NPLs to several factors:

Loan repayments, including debt-to-asset swaps.
Successful restructurings, with loans reclassified as performing after probation periods.
Loan write-offs are often tied to previously provisioned amounts or accounting set-offs.

Key Highlights

Household NPLs: Declined to €900 million in September 2024 (from €916 million in August), representing 8.5% of total household loans. Total provisions for household NPLs accounted for 41% (€388 million) of the total.
Total Household Loans: Reached €10.57 billion.
Corporate NPLs: Dropped to €658 million in September (from €682 million in August), representing 5.5% of total corporate loans. Of these, €610 million related to small and medium-sized enterprises (SMEs), with provisions covering 75.5% of total corporate NPLs.
Restructured Loans: Totalled €1.3 billion at the end of Q3 2024, with €0.7 billion still classified as NPLs.

The steady decline in NPLs reflects ongoing efforts by Cypriot banks to manage credit risk and improve loan portfolio quality, supporting the overall stability of the financial system.

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Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

July 24, 2026

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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