Piraeus Bank posts 53% leap in nine-month profit (updated)

Piraeus Bank SA

01/11/2024 08:42

(Adds detail and background)
       ATHENS, Nov 1 (Reuters) - Piraeus Bank, Greece's
third-largest lender by market value, posted a 53% jump in
nine-month net profit on Friday, citing higher net interest
income and declining bad loans.
    Net profit for the first nine months of the year was 882
million euros ($958.29 million), up from 577 million euros in
the same period last year.
    Greek lenders have been stabilising after three
recapitalisations and nationalisation after the country was
rocked by financial meltdown in late 2009.
    Having cut bad loan ratios, reduced state ownership and
returned to profit, they received European Central Bank approval
this year to resume dividend payments for the first time in 16
years.
    Piraeus Bank, which was fully privatised this year, reported
net interest income of 1.58 billion euros for the nine-month
period, up 7.4% year on year.
    The bank's non-performing loans ratio fell to 3.2% at the
end of September, from 5.5% a year earlier.

($1 = 0.9204 euros)

 (Reporting by Lefteris Papadimas
Editing by David Goodman)
 ((lefteris.papadimas@thomsonreuters.com; +30 6944 248134;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))