Marfin Popular revises profit target lower for 2007

Marfin Popular Bank has revised lower its profit target for 2007 but adjusted higher the profit targets for 2008 and 2009. During a conference call held with analysts, Marfin CEO Andreas Vgenopoulos is reported to have said that the profits of the Marfin Group for 2007 will be lower than previously forecast in September, due to delays in the merger between Laiki, Marfin Financial Group and Egnatia Bank.

The financial web site stockwatch quoted Vgenopoulos having told analysts that the 2007 profits will amount to EUR 360 mln and not EUR 370 mln as previously forecast, while the profits for 2008 and 2009 have been adjusted higher. For 2008, the Marfin group expects EUR 470 mln in profits from its earlier forecast of EUR 440 mln, while for 2009, the forecasted profits amount to EUR 600 mln compared to EUR 510 mln previously forecast.