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.
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