Piraeus Bank Reports Strong Q3 2024 Earnings
Company Announcements

Piraeus Bank Reports Strong Q3 2024 Earnings

Piraeus Bank Sa ( (BPIRY) ) has released its Q3 earnings. Here is a breakdown of the information Piraeus Bank Sa presented to its investors.

Piraeus Financial Holdings, a key player in the Greek banking sector, offers a wide range of financial services, including retail banking, corporate banking, and asset management, known for its strategic focus on digital transformation and sustainable initiatives.

Piraeus Bank reported a solid financial performance for the first nine months of 2024, achieving a 15% year-over-year increase in net profits for the third quarter, amounting to €320 million. The bank’s strong earnings growth has prompted an upward revision of its full-year targets, showcasing its robust financial health and efficient cost management.

Key financial highlights include a record nine-month normalized net profit of €932 million and a 2.7% net interest margin. The bank’s net fee income saw a significant year-on-year growth of 11%, driven by its leading position in mutual fund sales and robust asset management services. Piraeus’ operating efficiency remains notable with a cost-to-core income ratio of 30%, while its asset quality is solid, reflected in a reduced non-performing exposure ratio of 3.2%. The bank’s capital position is strong, with a total capital ratio of 19.9% and CET1 ratio of 14.7%, comfortably above regulatory requirements.

Looking ahead, Piraeus Financial Holdings is optimistic about its growth trajectory, aiming for further improvements in profitability and capital ratios. The bank plans to expand its performing loan portfolio to €33 billion and maintain a non-performing exposure ratio below 3%. With a commitment to enhancing shareholder value and supporting the Greek economy, Piraeus is poised to continue its upward momentum into 2025.

Related Articles
Carrie WilliamsBPIRY Upcoming Earnings Report: What to Expect?
TheFlyPiraeus Bank price target raised to EUR 5.90 from EUR 5.35 at JPMorgan
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App