Piraeus Bank Presents Healthy Outlook as it Cuts Exposure to Bad Loans

Piraeus Bank, one of Greece’s four biggest lenders, reported a significant drop in its exposure of bad loans.

“Our NPE (non-performing exposures) reduction plan is well on track with more than 90% of actions already executed. NPE reduction in the first nine months of the year amounted to 16 billion euros, bringing our NPE ratio down to 16%,” Chief Executive Christos Megalou said.

The reduction of NPE helped Piraeus Bank to announce a smaller loss in Q3 than the previous three months. The bank reported a net loss from continued operations of 635 million euros, down from 2.045 billion euros in the second quarter, as loan impairment provisions slumped to 811 million euros from 2.28 billion.

The Bank announced that in the first nine months of 2021 it has granted 4.6 billion in new financing, in line with its target of €5.7 billion for the whole year. During the same period, customer deposits and mutual funds have increased by €3.4 billion.

Original Story: Greek Reporter | Tasos Kokkinidis 
Photo: Piraeus website
Edition: Prime Yield