Piraeus Bank sees record profit in January-September

Piraeus Bank announced on Friday record nine-month normalized net profit of 932 million euros, corresponding to €0.72 per share, leading to updated target of €0.90 for 2024.

Net profit rose 15% to 320 million euros in the third quarter, the bank said. 

Piraeus CEO Christos Megalou stated after the release of the results: “Piraeus nine-month 2024 performance is a clear statement that we continue to exceed our targets across the board. 

In the nine-month 2024 period, we delivered our best results to date, generating €0.72 earnings per share, up 31% y-o-y, and 18% return on average tangible book value (RoaTBV), from 15% in the nine-month 2023. 

Piraeus has achieved sustainable profitability and capital accumulation through diversified revenue sources and cost discipline, while maintaining prudent credit risk management. 

Our top line increased considerably on the back of growing business. Net interest margin stood at 2.7% for the nine-month period, while net fee margin reached 0.8%, best in class in Greece. Net interest income was higher in Q3, as strong loan growth offset the June 24 rate cut, while our net fee income grew by three times the rate of net interest income in the nine-month period, reflecting our revenue diversifying efforts. Our performing loan portfolio increased 9% y-o-y and by €2 billion in the nine-month period, to €32 billion, already exceeding the full-year target of €31.5 billion.”