New Piraeus Bank plan includes 27bn-euro loans to businesses and households
The bank also said it intends to boost net fee income by nearly 140 million euros in the same period, through growth and new strategic initiatives in asset management and real estate management, reduce cost by around 25%, and double its recurring pre provision profitability to 1.2 billion euros in 2025, compared to 0.6 billion euros in 2021.
Its plans also include a decrease in NPE ratio from 13% in 2021 to approximately 13% in 2021.
In its report, it says "Piraeus will maintain strict cost discipline and further increase efficiency, aiming for a cost-income ratio below 40% by the end of 2025. Our expectation is to drive efficiencies until 2025 by further reducing expenses at the level of 0.7 billion euros, in order to reinvest in business growth. Our ambition involves a targeted loan expansion of circa 7 billion euros in 2022-2025, reaching circa 35 billion euros in performing loans at the end of the period, by focusing on priority sectors such as manufacturing, hospitality and energy."
It also foresees playing a leading role in asset management, aspiring to a total of nearly 12 billion euros in assets under management in 2025, it said.