Piraeus Bank announced strong profits in the first half of 2023 with net profit totaling 299 million euros.
Net interest income amounted to 488 million euros in the second quarter of 2023. Net fee income reached 14 million euros in the second quarter, up by 16%. Recurring operating expenses continued their downward trend, at 199 million euros despite inflationary pressures.
The bank’s NPE ratio was reduced to 5.5%, compared with 9.3% a year ago. Performing loan book was up 1.5 billion euros in the first half and credit expansion was 0.8 billion euros in the second quarter. Reported CET1 ratio increased to 12.2% and total capital ratio to 17.0%, in June.
“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 the first half of 2023 we delivered a strong set of results, generating 0.33 euros normalized earnings per share and 14% RoaTBV. 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%, already meeting our year-end target, while NPE coverage increased to 57%. The organic capital generation has driven our CET1 ratio to 12.3%, up by 0.7% year-to-date,” Christos Megalou, the bank’s CEO, said, commenting on the results.