Reuters: Financial Services and Real Estate: UPDATE 1-HC cuts Egypt's NSGB to neutral

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-HC cuts Egypt's NSGB to neutral May 7th 2012, 08:51 Mon May 7, 2012 4:51am EDT * HC cuts National Societe Generale Bank to "neutral" * Keeps price target at 30.7 Egyptian pounds (Adds detail on price target, quarterly results and share close) May 7 (Reuters) - HC Securities lowered its rating on National Societe Generale Bank SAE (NSGB) to "neutral," after Egypt's second-biggest private bank by market capitalisation reported a drop in its first-quarter net profit. "The weaker bottom line reflected higher than expected provisions, lower than forecast non-interest income, and increased taxes," analysts Ankur Khetawat and Kareem Ghaly said. The analysts maintained their price target of 30.7 Egyptian pounds on NSGB stock. NSGB shares, after their recent rally, are now fairly priced relative to the sector, they added. Shares of NSGB, which is 77 percent owned by France's second biggest listed bank Societe Generale, had touched a year-high of 30 Egyptian pounds in March. NSGB shares closed at 28.14 Egyptian pounds on Sunday on the Cairo Stock Exchange. Link this Share this Digg this Email Reprints

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