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

Government urged to act swiftly to meet 2020 CO2 targets

Elias Hazou

Hoteliers reach agreement on pay rises

Staff Reporter

Have you seen this woman?

George Psyllides

Suspects in hotel homeless scam kept in custody

Jean Christou

HFC to have access to NPL database

Staff Reporter

President seeks Diko help in pushing ahead with reform bills

George Psyllides