Cyprus Mail
Business

State co-op asset management agency reports €180m in NPL revenues

Kedipes chairman Andreas Charalambous (left)

The state-owned Cyprus Asset Management Company (Kedipes), established to administer whatever assets were not sold to Hellenic Bank after the Co-op Bank was shuttered, reported some €180 million in revenues on Wednesday for the first seven months of operation.

First quarter revenue was €79m, the company said in a news conference on Wednesday.

Kedipes was established as a 100 per cent subsidiary of the Co-op Bank to manage the non-performing loans, real estate and other assets amounting to €8.2 billion that were not part of the transfer to Hellenic Bank.

Among them were non-performing loans amounting to around €7bn.

Board chairman Andreas Charalambous described the first results as positive, adding that the “aim is to maximise the value of the assets managed by Kedipes and repay the (€3.6bn) state aid to the benefit of taxpayers.”

The assets administered by Kedipes at the end of March comprised of loans worth €7.4bn, with €6.87bn being non performing, property worth €590m, €132m in cash and bank deposits, and other assets valued at €90m.

Out of the €180m, €102m was revenue from loans, including €65m from non-performing.


Related posts

Remand for man after house burgled

Gina Agapiou

Ireland donates €25,000 to CMP

Jonathan Shkurko

Man jailed for 15 days, loses licence for drunk driving

Gina Agapiou

Locals and tourists enjoy the beauty of snow covered Troodos

Staff Reporter

Ten year tourism strategy seeks to boost revenue

Annette Chrysostomou

Pissouri water supply restored

Gina Agapiou