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CTG - Earnings beat expectation thanks to surprise profit - Earnings Flash

CTG released consolidated earnings results for 2012 on Feb 19th. Net interest income declined while profit from investment securities delivered a surprise boost to earnings. The bank continued to book high provisions, though somewhat lower than 2011’s level. CTG is now traded at PBR of 1.8x vs. peers’ 1.5x. We think CTG is expensive and warrant a REDUCE.