Piraeus Bankon Monday reported strong profitability in the first half of 2023, with net profits of 299 million euros.

Net interest income reached 488 million euros in Q2 2023, driven by expanding margins, for a 9-percent quarterly growth.

Piraeus Bank, the third-largest lender by market value of Greece’s four systemic banks, posted net earnings of 120 million euros, up from 92 million euros in the same quarter of 2022.

Net interest income totaled 461 million euros, up from 266 million euros a year ago, the ATHEX-listed bank announced. The group’s non-performing loan exposure ratio (NPE) improved to 5.5 percent of total loan portfolio, down from 9.3 percent in the second quarter of 2022.

In commenting on the results, bank CEO Christos Megalou said: “Piraeus Bank’s performance in the first half of 2023 reaffirmed the value of its franchise and confirmed we are on the right track towards our targets. In H1.23 we delivered a strong set of results, generating €0.33 normalized earnings per share and 14 percent…” he said, adding:

“Our Group has achieved sustainable risk-adjusted profitability and capital build-up, while maintaining a superior liquidity profile and cost discipline. Balance sheet clean-up continued, with the NPE ratio dropping further to 5.5 percent, already meeting our year-end target, while NPE coverage increased to 57 percent. The organic capital generation has driven our CET1 ratio to 12.3 percent, up by 0.7 percent year-to-date.”