ATHENS (Reuters) -Piraeus Bank, Greece’s third-largest lender by market value, reported a drop in second-quarter net earnings on Wednesday, hit by a lower net interest margin.
The bank reported net earnings of 276 million euros ($318.72 million), down from 330 million euros in the second quarter of 2024.
Net interest income was down 10% year on year at 474 million euros, the bank said, citing lower eurozone interest rates.
Piraeus has said that it expected profit of about 1.1 billion euros every year up to 2027, rising to about 1.3 billion euros by 2028.
The bank’s non-performing exposure (NPE) ratio stood at 2.6% at the end of June, down from 3.3% a year earlier.
($1 = 0.8660 euros)
(Reporting by Lefteris PapadimasEditing by David Goodman)
