Piraeus Bank Group announced positive net result for 2Q, 2016

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Piraeus Bank Group announced positive net result for 2Q, 2016

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Piraeus Bank Group announced positive net result for 2Q, 2016

07 September 2016

During Q2.2016, Piraeus Bank Group posted a positive net result that amounted to €20 mn, while its recurring pre-provision income rose by 8% on a quarterly basis to €288 mn, on the back of the rise in net operating income by 5%.

As G.Poulopoulos, Acting CEO of Piraeus Bank Group stated that the stabilization of economic activity in Greece was also reflected in the gradual improvement of liquidity, with deposit inflows during the last 3 months, further easing of capital controls, as well as reinstatement of European Central Bank’s waiver for Greek Government bonds.

«Our disciplined policy of active management of non-performing loans continues to make significant progress with a further reduction of 90 days past due loans by €445 mn on a quarterly basis. During the nine-month period from September 2015, when Piraeus Bank Group’s NPLs peaked, to the end of June 2016, total loans in arrears dropped by €1.6 bn. The Group’s CET-1 capital ratio remained stable at a satisfactory level of 17.5%, among the highest in the European banking sector. As a result of the Q2.2016 financial performance, the Bank remains on course to achieve its 2016 targets and is well-positioned to meet its medium term plans», the Banker highlighted.