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

Kedipes was established as a 100% 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 €7 billion.

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 (€3.6 billion) state aid to the benefit of taxpayers.”

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

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

Source: Cyprus Mail