Simultaneously, the banks plan to accelerate the amortization of their deferred tax assets, reducing the period to eight years, while also increasing the dividend payout to 50% of their profits for 2024. The management teams of the banks now anticipate a cumulative net profit of approximately €4.5 billion for the full year 2024.
For the period from January to September, the four systemic banks reported total profits of €3.491 billion, up from €2.846 billion in the same period last year, reflecting a year-on-year increase of 22.66%. The cumulative profitability of these banks during the first nine months of 2024 has nearly matched the full-year profitability for 2023, which amounted to €3.645 billion.
Specifically, Eurobank reported a profit of €1.135 billion (+15.8%), National Bank of Greece posted a profit of €985 million (+24.53%), Alpha Bank earned a profit of €489 million (-1.7%), and Piraeus Bank reported a profit of €882 million, reflecting a significant increase of 52.86%. Interest income for the four banks totaled €6.430 billion, up from €5.926 billion in the same period last year, representing an increase of 8.5%.
The breakdown of interest income by bank is as follows: National Bank of Greece (€1.782 billion, +9%), Eurobank (€1.830 billion, +14.3%), Piraeus Bank (€1.575 billion, +7.44%), and Alpha Bank (€1.243 billion, +2%).
Fee and commission income amounted to €1.550 billion, compared to €1.354 billion in the previous year, reflecting an increase of 14.48%. Commission revenue by bank was as follows: National Bank of Greece (€313 million, +14%), Eurobank (€451 million, +11.8%), Piraeus Bank (€480 million, +19.11%), and Alpha Bank (€306 million, +11.3%).
The total tangible equity of the four systemic banks stands at €30.34 billion, with the breakdown as follows: Eurobank (€8.7 billion), National Bank of Greece (€7.7 billion), Piraeus Bank (€7.1 billion), and Alpha Bank (€6.8 billion).
The ratio of Non-Performing Exposures (NPEs) has shown a marked improvement across all institutions: Eurobank reduced its NPE ratio to 2.9%, down from 4.9% in the same period last year; Piraeus Bank’s ratio decreased to 3.2% from 5.5%; National Bank of Greece’s ratio improved to 3.3% from 3.7%; and Alpha Bank’s NPE ratio declined to 4.67% from 7.2%.
