Piraeus Bank, one of four systemic lenders in Greece, on Friday reported higher quarterly net earnings, pointing to lower operating costs and hikes in net interest income and fees.
Greece’s fourth-largest credit institution by market value reported net earnings of 170 million euros in Q4 2022, compared with a profit of 78 million euros in the corresponding period of 2022.
Piraeus Bank’s ascribed non-performing exposures (NPE) fell to a ratio of 6.8 percent by the end of 2022, down from 9 percent in September, and with a goal of falling below 6 percent in 2023.
Another target is the payment of dividends on shares from 2024.
Net interest income in Q4 2022 reached 405 million euros, up from 205 million euros in the same quarter of 2022, with the bank’s management citing a favorable interest rate environment.
“Piraeus Bank has delivered strong financial results, outperforming its targets across the board,” CEO Christos Megalou stated.
The Hellenic Financial Stability Fund (HFSF), a special purpose vehicle established to prop up the country’s battered banking sector during the bailout crises, owns 27 percent of the Bank.
Over the entire fiscal year, Piraeus recorded net profits of 899 million euros, compared with losses of three billion euros in 2021.
Latest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%