Marfin: Revision of forecasts for 2008
30/5/2008 12:49
Marfin Popular Bank Group (MPB) has sustained a solid operating performance in the first quarter of 2008, as it is evidenced by its strong balance sheet expansion and quality of revenue generation. The depression of the profitability to below trend levels has been affected by a series of negative factors and specifically the depreciation of the US dollar, recent decline of the US interest rates, as well as some technical factors mainly linked to the change of the base rate in Cyprus.
Based on the above facts, the Management announced to its Annual General Meeting, the revision of its initial € 617m net profit target (business plan, November 2007) for 2008 to a range of € 500m to € 600m. These figures correspond to €0,614 - €0,737 net earnings per share (EPS).
The Management will consider the revision of its business plan targets for 2009 and 2010, as soon as there will exist visibility in the macroeconomic trends.
Based on the above facts, the Management announced to its Annual General Meeting, the revision of its initial € 617m net profit target (business plan, November 2007) for 2008 to a range of € 500m to € 600m. These figures correspond to €0,614 - €0,737 net earnings per share (EPS).
The Management will consider the revision of its business plan targets for 2009 and 2010, as soon as there will exist visibility in the macroeconomic trends.
