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DB maintains BOC TP

27/10/2006 13:37
In its latest report for Bank of Cyprus, Deutsche Bank maintained the bank’s target price at £5.70. “We are forecasting quarterly net profit of CYP 39 m, up 106% YoY”, it reported.

According to the analysts, “we expect another strong quarter for Bank of Cyprus, driven by strong volume growth both in Greece and in Cyprus, where the group is still gaining market shares vs. the cooperative banks”.

The analysts insist that revenues will increase by 19% YoY to £128 million. This increase is “mainly driven by a 25% growth of NII. Costs should remain under control; we expect them to increase by only 5%”. The staff cost is expected to increase by 4% to £38 million. The bad debt provisions are expected to reach £18 million.

No change

According to Deutsche Bank, the analysts expect “no no-recurring items, nor any major change in the scope of consolidation”.


The main risk relates to economic development in Greece and Cyprus”, the analysts concluded.