Piraeus Bank sees record profit in January-September

Piraeus Bank announced on Friday record nine-month normalized net profit of 932 million euros, corresponding to €0.72 per share, leading to updated target of €0.90 for 2024.

Net profit rose 15% to 320 million euros in the third quarter, the bank said. 

Piraeus CEO Christos Megalou stated after the release of the results: "Piraeus nine-month 2024 performance is a clear statement that we continue to exceed our targets across the board. 

In the nine-month 2024 period, we delivered our best results to date, generating €0.72 earnings per share, up 31% y-o-y, and 18% return on average tangible book value (RoaTBV), from 15% in the nine-month 2023. 

Piraeus has achieved sustainable profitability and capital accumulation through diversified revenue sources and cost discipline, while maintaining prudent credit risk management. 

Our top line increased...