Piraeus Bank Records Growing Profits During 2019

Piraeus Bank of Greece announced on Monday that it grew its net profit for the full year of 2019. This increase was aided by lower operating costs and higher net interest income.

Piraeus Bank is Greece’s largest lender as measured by its assets.

The bank, of which 26.2 percent is owned by Greece’s Hellenic Financial Stability Fund (HFSF) reported a net profit of a total of 270 million euros ($297.70 million) compared to its net earnings of 185 million euros one year earlier in 2018.

The bank also said that it included in these calculations a €351-million pre-tax gain from the carve-out of an internal ”bad loan” to Intrum Hellas in the fourth quarter of 2019.

Piraeus Bank also noted that its non-performing exposures ratio stood at 49 percent at the end of last year.