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Banking profits in the CSE

29/05/2008 12:37
The CSE is in positive territory on Thursday with the banking stocks recording significant gains.

BOCY in the CSE is up 2.10% to €8.74, while in the ASE it enjoys gains of 2.34% to €8.74. The bank announced Q1 profits of €116 million, recording an annual increase of 9% and exceeding the analysts’ estimates by €5 million. Commenting on its results, the analysts focused on the net income from interests and the drop in costs. They support that the first quarter is weak but they see positive prospects for the next quarters. The analysts also referred to the pressures on the interest rate margin due to the adoption of the euro, the drop of the dollar and the increased competition in deposits.

Marfin Popular Bank in the CSE surges 1.95% to €5.24, while in the ASE it records gains of 2.33% to €5.26. Marfin will announce its three-month results at the end of the session today. According to analysts that participated in the Bloomberg survey, MPB’s profits will decline to €100 million from €119 million last year (-15.8%).

Similarly, Hellenic Bank soars 3.83% to €2.71. Within the framework of the AGM held on Wednesday, the bank’s Management expressed its optimism that the target of profits for 2008 will be achieved.

Dodoni is the major gainer of the day, recording impressive gains of 16.67% to €0.07 and attracting €5.6 million of the investors’ interest. Jupiter, with a turnover of €2.6 million, remains unchanged at €0.30.

Most Main Market titles are moving upwards.

The trading volume stands at €13.4 million. Overall, 24 securities are up, 27 fall and 40 remain unchanged.

In Europe, London is up 0.39%, Paris inched up 0.42% and Frankfurt gains 0.47%.