ATHENS, Feb 24 (Reuters) – Piraeus Financial institution (BOPr.AT), Greece’s fourth-largest lender by market worth, reported larger quarterly internet earnings on Friday, helped by decrease prices and a rise in internet curiosity earnings and costs.
The financial institution, which is 27% owned by the nation’s HFSF financial institution rescue fund, reported internet earnings of 170 million euros ($180.03 million) within the fourth quarter, in contrast with a revenue of 78 million euros in the identical interval a 12 months earlier.
Piraeus Financial institution’s guide of so-called non-performing exposures (NPE) continued to shrink to a ratio of 6.8% on the finish of 2022 from 9% in September.
In line with the corporate’s up to date marketing strategy it goals to shrink NPE to under 6% this 12 months and presumably begin paying dividends from 2024 onwards.
“Piraeus has delivered robust monetary outcomes, outperforming its targets throughout the board,” the financial institution’s Chief Govt Christos Megalou mentioned.
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In 2022, the corporate reported normalised earnings per share of 0.42 euro, beating its goal of 0.37 euro.
Internet curiosity earnings within the fourth quarter rose to 405 million euros from 205 million euros in the identical interval a 12 months earlier, as a result of mortgage guide enlargement and a beneficial rate of interest atmosphere, Piraeus Financial institution mentioned.
For the total 12 months, the corporate posted a internet revenue of 899 million euros, in contrast with a lack of 3 billion euros a 12 months earlier.
Greek banks have been working to cut back a pile of non-performing credit score, the legacy of a decade-long monetary disaster that shrank the financial system by 1 / 4.
($1 = 0.9443 euros)
Reporting by Lefteris Papadimas; Modifying by Shounak Dasgupta
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