Cyprus Mail

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.