Piraeus Bank Reports Record First-Half Profits of 617 Million Euros

Piraeus Bank achieved record profitability in the first half of the year, posting 617 million euros in net profits. This performance surpasses the bank's 2026 target for return on tangible equity, reaching 16% compared to the projected 15%.

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Despite the ongoing turmoil in the Middle East that intensifies economic uncertainty, Piraeus is in a strong position to cope with the changing environment.

The bank's strong results in the first half prompted management to revise its annual targets. The updated goals include a net interest margin of 2.2%, a services-to-assets ratio above 0.90%, a cost of risk at 60 basis points, and a CET1 capital ratio exceeding 13%. CEO Christos Megalou expressed confidence in the bank's ability to navigate economic uncertainty, citing its strong position and recent investment-grade ratings from major agencies, including an upgrade by S&P.

"The work being done in 2026 lays the foundation for achieving even higher goals in the coming years," Megalou stated, reinforcing the bank's strategic direction. The bank also aims for earnings per share of approximately 0.90 euros by 2026 and anticipates net credit expansion exceeding 3 billion euros by year-end. The loan portfolio grew 9% year-on-year to 39 billion euros in the second quarter.

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Its rating at investment grade by all major credit rating agencies, following the recent upgrade by S&P, validates the progress we have made and the strength of our economic profile.

Furthermore, Piraeus Bank is considering an interim dividend distribution to shareholders within the next few months, ahead of the final distribution of 2026 profits in spring 2027. CFO Theodoros Gnardellis clarified that the bank has already provisioned over 250 million euros for profit distribution in the first half and is on track to distribute 650 million euros from 2026 earnings.

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The work being done in 2026 lays the foundation for achieving even higher goals in the coming years.