Piraeus Bank announced strong results for both the quarter and the nine-month period, with a 17% quarterly increase, smoothed earnings per share of €0.21, and a Return on Tangible Common Equity (RoaTBV) of 17.6%.

During the 9-month period of 2023, smoothed earnings per share amounted to €0.55 with a RoaTBV of 15.4%, surpassing the estimates for the year 2023.

Net interest income for the third quarter amounted to €531 million, representing a 9% increase on a quarterly basis. Total deposit costs increased by 0.5% in September 2023, with the cost of time deposits standing at around 2.0%.

Net fee income for the third quarter reached €140 million, up by 12% on an annual basis, driven by increased customer transaction activity and a focus on managing customer asset elements. Net fee income totaled €403 million for the 9-month period, reflecting a 14% increase on an annual basis, in line with the Group's strategy to strengthen and diversify fee-based revenue streams.

Recurring operating expenses reached a historic low in the third quarter at €194 million, down 2% on a quarterly basis and 8% annually, with costs for the nine-month period decreasing by 3%, despite inflationary pressures.

Asset quality significantly improved, with the Non-Performing Exposures (NPE) ratio at 5.5%, compared to 8.8% a year ago, and sufficient NPE coverage at 57%, strengthened by 8 percentage points annually.