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Cyprus' Marfin Popular Bank 1Q profit up 147 percent

Cyprus' Marfin Popular Bank 1Q profit up 147 percent

Newly-merged Marfin Popular Bank said Wednesday its combined net profit soared 147 percent in the first-quarter on the back of strong loan growth and a euro50 million ($67.8 million) gain from the sale of shares in two companies.
Marfin Popular, the island's second largest bank, said it earned euro170.3 million ($230.9 million) compared with euro69.1 million ($93.7 million) in 2006.
Net interest income was up 47.1 percent to euro163.3 million ($221.4 million), the bank said.
Marfin Popular Bank was created in October 2006 by a three-way merger between Popular Bank _ Cyprus' second biggest lender _ and Greece's midsize Marfin and Egnatia banks.
The prior year figures are based on assumptions of what the three banks would have produced in combined profits before the merger.
The group said it was now expecting its net earnings for 2007 to reach euro420 million ($569 million) _ up from the previous forecast of euro360 million ($488 million) contained in its 2007-2009 business plan.


Updated : 2021-10-16 10:55 GMT+08:00