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Piraeus Bank announces 786-million-euro profit in 2023

Interest income amounted to 537 million euros in the last quarter of the year.

Piraeus Bank announced net profits of 786 million euros at the end of 2023.

Credit expansion stood at 1.6 billion euros in 2023. Bank deposits rose 2% on an annual and quarterly basis totaling 59.6 billion euros at the end of December 2023. Non-performing exposure fell to 1.3 billion euros at the end of 2023 compared to 2.6 billion euros a year earlier, with the NPE index dropping to 3.5% from 5.5% in the third quarter of 2023 and 6.8% in 2022.

Interest income amounted to 537 million euros in the last quarter of the year.

George Handjinicolaou, Chairman of the Board of Directors, stated: “In 2023, the global economy moved sideways amidst a challenging macroeconomic environment with geopolitical turbulence triggered by the onset of the Middle East conflict and the continued impact of the Ukraine invasion. However, with energy prices de-escalating, the supply chains in Europe normalizing, and with the lifting of the remaining coronavirus restrictions, the economic environment showed resilience. The Greek economy continued to grow, largely driven by an increase in foreign and domestic investments, strong tourism, strong exports, and the implementation of the Recovery and Resilience Plan, as Greece has managed to secure an equivalent of 17% of its GDP in grants and loans from the European Union, with 41% being already disbursed.

Further, the Greek sovereign credit rating upgrade to investment grade status after more than a decade, the prudent fiscal policy and the decreasing government deficit, and the consistent implementation of structural reforms, have created a favorable environment to attract significant foreign investments. Being the Bank with the largest footprint in the Greek economy, Piraeus Bank has benefited from the upbeat economic environment, continuing to create value for the economy and the society at large. Fortified with ample liquidity, a strong balance sheet and comfortable capital buffers, Piraeus Bank stands ready to finance Greece’s path to sustainable growth, and create value for its shareholders. In this context, 2023 has been a pivotal year for the implementation of initiatives such as, the support measures for the flood-stricken Thessaly, digital banking developments aiming at new payment and financing functionalities for our customers, the roll-out of a new branch model focused on innovation and seamless service, and the creation of synergies with Greek organizations within our social responsibility initiatives through Piraeus’ EQUALL program. Above all, Piraeus Bank will continue to transform itself, incorporating all the latest developments in digital technology and otherwise, with the goal of safeguarding the interests of its employees, its customers, and its investors.”