Marfin Popular Bank forecasts EUR 614 mln profits

Marfin Popular Bank is forecast to realize net profits of EUR 614 mln by 2009 according to leaked reports referring to its 3-year Strategic Business plan. The profit growth is seen at 32.1% annually from 2007 until 2009 and compares with forecasted net profits of EUR 360 mln for 2007 and EUR 470 mln net profits in 2008.

The Strategic Plan sees total assets rising on average by 16.4% to EUR 38.2 bln, the cost to income ratio declining to 36.5% by 2009 and the Return on Equity (ROE) surging to 24.1%.

Total advances are seen climbing 22% annually to EUR 17.7 bln by 2008 and EUR 21.7 bln by 2009. Net interest income is seen up at EUR 904 mln while the net interest margin is seen climbing to 2.67% in 2008 and 2.76% in 2009. Total deposits are seen at EUR 28.2 bln, for a 19.9% annual growth in the 3-year period.