Piraeus 9-month profit falls, but lending ahead of target (updated)

Piraeus Bank SA

31/10/2025 08:21

Adds more details of results, CEO statement in paragraphs  3-4

ATHENS, Oct 31 (Reuters) - Piraeus Bank's profits fell 7% in the nine months to September on lower interest income but lending grew faster than expected, Greece's third-largest lender by market value said on Friday.

Net earnings came in at 820 million euros ($956 million)after record profit of 882 million euros in the same period last year, it said.

Piraeus' loan portfolio increased by 15% year on year to 36.8 billion euros, meeting the bank's annual target ahead of schedule, Chief Executive Officer Christos Megalou said in a statement.

The bank has revised its 2025 target to 37.3 billion euros on strong loan performance, he added.

Greek banks have seen their net interest income fall due to the decline in interest rates in the euro zone, prompting them to try and diversify income sources by expanding wealth management and insurance businesses.

Piraeus, which agreed to acquire Ethniki Insurance earlier this year to boost the sale of insurance products through its network, expects profit of about 1.1 billion euros annually up to 2027, rising to about 1.3 billion euros by 2028.

The bank's non-performing exposure ratio was 2.5% at the end of September, down from 3.2% a year earlier.

Net interest income was 1.43 billion euros, 9.5% down year on year.

($1 = 0.8575 euros)

 (Reporting by Lefteris Papadimas;
Editing by Mark Potter and Conor Humphries)

 ((lefteris.papadimas@thomsonreuters.com; +30 6944 248134; Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))