In the first six months of 2014, the bank set up provisions worth EUR18 million to cover bad loan losses, 47% below the level of the same period of 2013. The Turkish-held bank reported bad loans worth EUR140 million in late June, down from EUR225 million in June 2013.
The NPL decline comes as local banks have started cleaning up their portfolios this year. The steepest NPL decline was registered by Credit Europe in the segment of corporate loans, from EUR72 million to EUR10 million. Bad loans now largely come from the retail area, namely EUR114 million.
Credit Europe also registered a decline in the total volume of loans, which stood at a little more than EUR1 billion in June, down almost 7% from mid-2013.
Credit Europe in the past counted on credit cards issuds and came to hold a leading position on the segment of such instruments, though it comes 18th in banks’ ranking.
The bank operates through a network of 70 branches and agencies and has around half a million clients, most of them credit card holders.
(English version by Catalina Apostoiu)