In Brief
Postal Savings Bank confirms 12 pct profit growth in 2006 Postal Savings Bank (TT) announced yesterday net 2006 profit grew 12 percent to -137.2 million, unchanged from previously announced unaudited results. TT said it will propose a dividend per share of -0.60, up from -0.08 in 2005. Based on the share’s closing price yesterday, the dividend yield comes to 3.28 percent. TT’s net interest income last year grew 4.6 percent to -254 million. Greece’s securities watchdog had given the lender until April 15 to report financial results after missing the original March 31 deadline. The government has said it plans to sell a further 15 percent stake in TT this year. The state currently holds about 65 percent of TT whose current market value is about -2.6 billion. (Reuters) Key rate stays put Cyprus’s Central Bank left key interest rates unchanged yesterday, a move designed to bring monetary policy in line with the European Central Bank ahead of Cyprus’s eurozone entry next year. The minimum bid rate on main refinancing operations was held steady at 4.5 percent, maintaining the gap in key interest rates between the eurozone and Cyprus unchanged at 75 basis points. Cyprus is bidding to adopt the euro on January 1, 2008, and must bring its rates in line with the rest of the eurozone. (Reuters) Bond auction The Public Debt Management Agency said yesterday it will auction -1.5 billion of a 4.3 percent, 10-year bond on April 17. The settlement date for the bond, maturing July 20, 2017, will be April 20. Only primary dealers will be allowed to participate. (Reuters)
