Piraeus Bank showed record profitability in the first half of the year, while upgrading its full-year targets, as strong credit expansion momentum and the integration of Ethniki Insurance boosted the group’s growth prospects.
The group’s loans stood at 39.0 billion euros, with net credit expansion of 1.8 billion euros in the first half, driven by all business lending segments. The recovery in mortgage lending continued, with the portfolio increasing by 100 million euros on a net basis, while new mortgage loan disbursements rose by 65% year on year. Client deposits reached 68.4 billion euros, up 9% compared with a year earlier.
Strong growth was also recorded in client assets under management (AuM) increasing by 24% to 16.3 billion euros, supported by 1.0 billion euros in net inflows during the first half, already achieving the annual target. At the same time, Ethniki Insurance made a significant contribution to the increase in fee-based revenues, reporting gross written premium (GWP) production of 424 million euros, up 7% year on year.
Piraeus Bank reported profits of 617 million euros, corresponding to a 16% return on tangible equity (RoTE), exceeding its target of approximately 15% for 2026. Net profit reached 336 million euros, up 22% year on year, while earnings per share stood at 0.47 euros, putting the bank on track to achieve its full-year target of 0.90 euros. Tangible book value per share increased by 7% to 6.3 euros.
Net interest income reached 509 million euros…
