29/10/2007 11:03
Citigroup remains positive on the Cypriot and Greek banks. In its report “Big Hellenic Picture” dated October 26, Citigroup supports that they benefit from healthy economic fundamentals, strong capital market trends and a strong operating environment.
Citigroup’s top picks are NBG, Bank of Cyprus and Hellenic Bank. The TP for Bank of Cyprus is €17 with an anticipated margin of profit of 27%. Citigroup gives a margin of profit of 38% for Hellenic Bank with a TP of €7.5. According to the report, “Bank of Cyprus and Hellenic Bank offer an onshore growth story in Cyprus, together with an attractive option on Russian growth via offshore banking in Cyprus”.
The TP given by Citigroup to Marfin Popular Bank stands at €12.
“The Cypriot macro-economic and banking environment remains strong, with 30% yoy total loan growth and 21% yoy deposit growth. The international business sector (offshore) remains robust, although growth is impacted by dollar/pound weakness”, the report concluded.
Citigroup’s top picks are NBG, Bank of Cyprus and Hellenic Bank. The TP for Bank of Cyprus is €17 with an anticipated margin of profit of 27%. Citigroup gives a margin of profit of 38% for Hellenic Bank with a TP of €7.5. According to the report, “Bank of Cyprus and Hellenic Bank offer an onshore growth story in Cyprus, together with an attractive option on Russian growth via offshore banking in Cyprus”.
The TP given by Citigroup to Marfin Popular Bank stands at €12.
“The Cypriot macro-economic and banking environment remains strong, with 30% yoy total loan growth and 21% yoy deposit growth. The international business sector (offshore) remains robust, although growth is impacted by dollar/pound weakness”, the report concluded.
Related Articles
