Piraeus Bank posts 53% leap in nine-month profit
Adds CEO comment, paragraphs 5-6
ATHENS, Nov 1 (Reuters) -Piraeus Bank, Greece's third-largest lender by market value, posted a 53% jump in nine-month net profit on Friday, citing higher net interest income and declining bad loans.
Net profit for the first nine months of the year was 882 million euros ($958.29 million), up from 577 million euros in the same period last year.
Greek lenders have been stabilising after three recapitalisations and nationalisation after the country was rocked by financial meltdown in late 2009.
Having cut bad loan ratios, reduced state ownership and returned to profit, they received European Central Bank approval this year to resume dividend payments for the first time in 16 years.
Piraeus Chief Executive Christos Megalou raised guidance for 2024 earnings per share to more than 0.90 euros, up from 0.80 euros projected in August, and the dividend payout to 35% of this year's profit, up from 30% previously.
"Our performing loan portfolio increased 9% year on year in the nine-month period, or by 2 billion euros, to 32 billion euros, already exceeding the full-year target of 31.5 billion," he added in a press release.
Piraeus, which was fully privatised this year, reported net interest income of 1.58 billion euros for the nine-month period, up 7.4% year on year.
The bank's non-performing loans ratio fell to 3.2% at the end of September, from 5.5% a year earlier.
($1 = 0.9204 euros)
Reporting by Lefteris Papadimas
Editing by David Goodman
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