Piraeus Bank: Record profitability of 333 million euros in Q2

Piraeus Bank announced record profitability of 333 million euros and 0.26 euros earnings per share, with an annual increase of 42%, in the second quarter of 2024.

According to the announcement, the main developments of the second quarter and first half of 2024 are the following:

• All-time high adjusted earnings at 333 million euros in the second quarter with 0.26-euro earnings per share, up 42% YoY.
• Adjusted earnings per share of 0.47 euros in the first half, versus a target of around 0.85 euros in 2024.
• Return on tangible equity (RoaTBV) 18% in the first half, versus a target of around 15% in 2024. Tangible equity per share stood at 5.42 euros as of June 24, up 15% YoY.
• Net interest income stood at 528 million euros in Q2, +2% quarter-on-quarter and +8% year-on-year, supported by credit expansion, bond portfolio growth and stable deposit mix. Net interest income reached 1.045 billion euros in the first half, +12% year-on-year, with the net interest margin ratio at 2.7%, in line with the annual target. The cost of term deposits stood at 2.1% in Q2, with the cost of new term deposits at 2.8%
• Net fee income totaled 179 million euros in Q2, boosted mainly by financing fees, card operations, fund transfers and client fund management. Net commission income amounted to 325 million euros in the six months.

“2024 has started strongly for Piraeus, with the first half confirming significant progress towards meeting or exceeding annual targets. During the first half of the year, Piraeus presented a record high of half-year financial results producing 0.47-euro earnings per share, with an annual increase of 41%, and an 18% return on equity, from 14% in the corresponding period last year. Piraeus achieved sustainable profitability, and enhanced its capital, through diversified sources of income and cost discipline, while maintaining prudent credit risk management,” its CEO Christos Megalou stated.

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