Citigroup places Bank of Cyprus among top picks

Citigroup has placed Bank of Cyprus shares among its top picks with a price target of EUR 15.5 and a buy medium risk recommendation. Citigroup notes that Bank of Cyprus is recording fast growth both in Cyprus and Greece in retail banking and deposits while in Greece it is following a successful branch expansion drive.

Citigroup expects BOCY to record revenue of CYP 620.4 mln in 2007, CYP 724.8 mln in 2008 and CYP 829.3 mln by 2009. Profit attributable to shareholders is seen climbing from CYP 250.2 mln in 2007 (EUR 430m) to CYP 315 mln in 2008 and CYP 379 mln in 2009 with earnings per share seen up at CYP 0.45, CYP 0.57 and CYP 0.69 respectively.