Sharelink expects EUR 16.5 mln 1Q profit for Hellenic

Hellenic Bank Public Company Ltd (HB) announced that based on preliminary indications, the Group profit after tax results for the first quarter of 2007 are expected to be materially better compared to the profit of CYP6.8 mln or EUR 11.8 mln reported in 1Q 2006.

Sharelink Securities & Financial Services analysts project profit after tax of EUR16.5 mln for the 1Q07. For the full year Sharelink analysts are projecting profit after tax of EUR70.6 mln, which translates to a RoE of 17.6% as compared to the target of 16.4% incorporated in the 3-year strategic plan of the Group.

“Despite these, we still believe that the risk to our earnings forecasts is on the upside, and gradual upgrades on a quarterly basis should not be ruled out, given the Group’s track record in exceeding Management targets,” said Sharelink in an investment report dated May 3, 2007.

“Currently we maintain our price target on HB at EUR3.90/share, which is already at a premium to our fundamental value on the stock mainly to capture any revised profitability targets set by Management in the near future,” concluded Sharelink.