Greece's Piraeus Bank second-quarter profit more than doubles (updated)

Piraeus Bank SA

31/07/2024 16:16

(Adds Eurobank H1 results in paragraphs 7-10)
       ATHENS, July 31 (Reuters) - Piraeus Bank  BOPr.AT ,
Greece's third-largest lender by market value, on Wednesday
reported that its second-quarter profit more than doubled,
helped by higher revenues from interests and fees. 
    Net profit came in at 330 million euros ($356.96 million) in
the second quarter to June, up from 120 million euros in the
same period a year ago.
    Greek lenders are returning to normality after three
recapitalisations that led to their nationalisation in the
previous decade, when the country was rocked by a financial
meltdown in late 2009.
    After cutting their bad loan ratios, reducing state
participation and turning profitable, they received approval
this year from by the European Central Bank to resume dividend
payments after 16 years. 
    "So far, 2024 is turning into a milestone year for Piraeus.
Following the return to full privatisation status, the group
paid a cash dividend to its shareholders in July, amounting to
€79mn," the bank said in a statement.
    On the back of higher interest margins, Piraeus Bank, which
was fully privatised earlier this year, raised its 2024 net
profit guidance last month to about 1 billion euros versus its
previous guidance of about 900 million euros.
    Separately on Wednesday, EFG Eurobank  EURBr.AT , Greece's
second-largest lender by market capitalisation, reported a 5.4%
rise in first-half net profit to 721 million euros, compared
with 684 million euros in the first half of 2023.
    Net interest income rose to 1.13 billion euros, up 8.6% year
on year, driven by loans, bonds and international business, the
bank said in a statement.
    The bank's non-performing exposure (NPE) ratio fell to 3.1%
from 5.2% year-on-year.
    In the past few years, Greek banks have cut their (NPE)
ratios to below 6% from 45% in 2016.
($1 = 0.9245 euros)

 (Reporting by Gdansk, Angeliki Koutantou, Karolina Tagaris.
Editing by Louise Heavens and Jane Merriman)
 ((karolina.tagaris@thomsonreuters.com; +30 210 3376 455;))