April 4, 2019 / 10:16 AM / 15 days ago

Portugal banks' 2018 NPLs halve from mid-2016 peak

LISBON, April 4 (Reuters) - Portuguese banks cut the share of non-performing loans to 9.4 percent of total loan portfolios last year from 13.3 percent in 2017, or just about half of a peak in June 2016, but it is still double the euro zone’s average, Bank of Portugal data showed.

It was the first time the bad loan ratio fell below the 10- percent mark since the country’s debt crisis that began in 2010.

The data released on Thursday showed NPLs totalled 25.9 billion euros at the end of 2018, down from the peak of 50 billion in mid-2016, showing that banks have been cutting bad loans at a rate of about 5 billion euros every six months mainly by selling non-performing loan portfolios and writing them off. (Reporting By Sergio Goncalves and Andrei Khalip)

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