Greece-based Piraeus Bank, the fourth of four systemic lenders in the country based on market value, on Friday cited a robust recovery in terms of net earnings for the Jan-Sep 2022 period, compared to the corresponding period in 2021.
Specifically, the ATHEX-listed lender reported net earnings of 729 million euros after major losses of 3.085 billion euros over the same period in 2021. Higher fee and net interest income, along with lower provisions on bad loans are credited with the turnaround.
“In clear contrast to European peers, Greece remains on a path of economic expansion into 2023 and beyond… We’re upgrading our full-year 2022 guidance to a 9-percent return over tangible book, from 8 percent previously,” Piraeus Bank CEO Christos Megalou, in a press release.
