Net credit expansion of 10 billion over the next 4 years, expects the , as the CEO of the bank said, speaking on panels with the heads of the four Greek systemic banks, at the Morgan Stanley and UAE conference in London. Specifically, Mr. Megalos said that Piraeus Bank’s strategic priority is to increase funding in the Greek economy, promoting sustainable development and diversifying sources of revenue for the Bank. As Piraeus said, it expects a 10% increase in loans in 2024, due to strong demand for business loans, 2.1 billion euros net interest income, with the net interest margin (NIM) at 2.7%, among the highest in the EU, having succeeded in safeguarding loan margins and deposit costs. Piraeus’s expectation is that the pressure on NIM will be limited as it will be offset, among other things, by creating opportunities for small and medium-sized enterprises and retail businesses. “For 2025 the goal is to continue to increase our loan portfolio, using strong demand from businesses, as well as funds coming from RRF while working intensively to reheat retail business. We aim at a net credit expansion of 10 billion over the next 4 years and to increase net commission revenue to 0.9% on the assets, through organic development and strategic initiatives,” said Mr. Megalos. Speaking of Piraeus Bank’s investment prospects, Mr. Megalos stressed that Piraeus has implemented a large-scale transformation, focusing on digitization and improvement of efficiency and productivity. The strategic plan for the next 3 years seeks to exploit the transformation to promote sustainable development and confirm the Bank’s position in the sector. As Mr Megalos said, Piraeus is in a good position to exploit its strong fundamentals, digital progress and strategic development initiatives to continue to offer value. The Bank’s strong macroeconomic outlook and sustainable dynamic profitability, combined with the convergence of dividend policy on the European average, with the next milestone for Piraeus being the 50% payment of the 2025 profits, will strengthen Piraeus’ investment proposal. As regards the bank’s stock market value, ‘its figures justify trading closer to the average of European banks that are once the book value. According to our strategy, we evaluate strategic opportunities aimed at promoting the development and implementation of our business plan, diversifying revenue flows,” added Mr.
Large: Piraeus expects a 10% increase in loans in 2024, target net credit expansion of 10 billion over the next 4 years
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