Greek Banks' H1 Profits Seen 17% Down

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Greek Banks' H1 Profits Seen 17% Down

Greek banks will post on average 17% lower profits in the first half of 2008, compared to the corresponding period of 2007, Reporternet.com said quoting sources.

According to the sources, the 10 biggest Greek banks will post total profits of EUR 2.5 billion vs EUR 3 billion in the first semester of 2007.

"The realization of many of the major banks’ business plans will be “difficult” given the global environment", industry officials said .

According to the officials, among the main reasons which may curb the Greek banking sector’s profits are the lower trading gain and the increase in the cost of money as euribor spreads have widened significantly.

Other sources of income, e.g. real estate have also under performed compared to the corresponding period of 2007 and are far from reaching the Greek banks' targets.

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