Coronavirus: Kedipes sees income drop in Q1

Kedipes, the state-controlled company set up to manage the co-op’s non-performing assets, saw a 35.6 per cent drop in income in the first quarter of the year because of the coronavirus pandemic, a news conference heard on Thursday.

The company, set up after the co-op bank was shuttered in 2018, said revenues reached €78mn against €121.2mn the previous quarter.

“Despite the partial recovery seen in June, the negative effect of the pandemic and the measures will remain significant for the rest of the year,” board chairman Lambros Papadopoulos said.

Papadopoulos announced that the company will extend a moratorium on auctions and repossession of properties until August 31 given the difficult social and financial conditions.

Kedipes lost around €58mn in the first quarter because of a loan repayment holiday mandated by parliament. The decision affects €733mn worth of loans.

In June 2018, the co-op agreed to sell its operations to Hellenic after its failure to reduce its stock of non-performing assets stock practically forced it out of business.

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