Piraeus Bank reports soaring earnings in 2024

Piraeus Bank, Greece’s third-largest lender by market value, on Monday reported a double-digit rise in 2024 earnings on higher net interest income and lending, and said it expected a similar profit figure through to 2028.

The bank posted a net profit of 1.1 billion euros, up from €788 million in 2023. Earnings per share rose by an annual 38%, to €0.81, while the loans portfolio increased 12% to €33.7 billion.

Piraeus said in a statement that it expected profit of about €1.1 billion every year up to 2027, rising to about €1.3 billion by 2028.

Piraeus announced a dividend payout to shareholders of 35% on its 2024 profit and Chief Executive Christos Megalou said this will rise to an annual 50% by 2028.

“The key pillars of our strategy are profitable growth of client assets, sustained mid-teen returns and more than €2 billion for our shareholders by 2028,” Megalou said in the statement.

Piraeus, which is in talks with CVC Capital Partners, opens new tab to acquire 70% of Ethniki Insurance, reported net interest income of €2.08 billion for 2024, up 4% year on year. 

[Reuters]-Kathimerini