Greek Post Bank 2007 profit declines 68 pct
Greece’s Post Bank (TT) reported a 68 percent drop in 2007 profit as increased interest income was offset by a trading loss, the state-controlled lender said on Monday.
Net profit for the full year fell to 43.5 million euros (USD 68.56 million) versus 137.2 million euros a year earlier, while net interest income rose to 294.4 million euros from 253.6 million euros, according to a financial statement.
The lender also said it will propose a dividend of 0.25 euros a share on 2007 earnings, compared with 0.6 euros for 2006.
Greece in July sold a 20 percent stake, raising about half a billion euros and cutting its stake in the lender to 45 percent and has said it plans to sell a further stake this year.
On Friday, Greece’s second-largest lender EFG Eurobank said it raised its stake in TT to 5.7 percent as part of its investment plans, but did not say whether it planned to increase its stake.
Greek media have said in the past, without citing sources, that EFG was looking at holding a major stake in TT if the government sold part of its stake.
Greece’s Post Bank (TT) reported a 68 percent drop in 2007 profit as increased interest income was offset by a trading loss, the state-controlled lender said on Monday.
Net profit for the full year fell to 43.5 million euros (USD 68.56 million) versus 137.2 million euros a year earlier, while net interest income rose to 294.4 million euros from 253.6 million euros, according to a financial statement.
The lender also said it will propose a dividend of 0.25 euros a share on 2007 earnings, compared with 0.6 euros for 2006.
Greece in July sold a 20 percent stake, raising about half a billion euros and cutting its stake in the lender to 45 percent and has said it plans to sell a further stake this year.
On Friday, Greece’s second-largest lender EFG Eurobank said it raised its stake in TT to 5.7 percent as part of its investment plans, but did not say whether it planned to increase its stake.
Greek media have said in the past, without citing sources, that EFG was looking at holding a major stake in TT if the government sold part of its stake.
