Piraeus Bank Chairman George Handjinicolaou said that “2024 was a year of significant progress for Piraeus and we are pleased to announce record profitability and growth. At the same time, the Greek economy grew at a rate almost four times higher than the European average, which helped the banking sector, including Piraeus, to achieve strong results, despite international macroeconomic challenges. Piraeus’ interest and fee income increased, our balance sheet has strengthened, while we are generating outperformance and delivering value to our shareholders and the wider Greek society.”
“The growth of the Greek economy is expected to continue on a similar trajectory for the coming years. In its main sectors, such as tourism and infrastructure, we have seen further growth, with the country benefiting from the stable environment and structural reforms, which have increased foreign investment and domestic consumption. While macroeconomic uncertainty remains, particularly in relation to global trade, the domestic economy is resilient, as evidenced by the recovery of our country’s investment grade, after 15 years,” he added.
“Greece is among the European countries that have benefited the most from the Recovery and Resilience Fund (RRF), with the resources to be made available from the program corresponding to 17% of GDP. The total resources to be made available to the country are 36 billion euros, divided equally between loans and grants. Piraeus has allocated loans for RRF projects amounting to approximately 1.3 billion euros, fueling investments of 3.6 billion euros.”
Handjinicolaou added that “Piraeus continues its digital transformation and its efforts to improve efficiency. Regarding our people, we have taken measures to renew and train our human resources. In particular, two out of three of our new hires are under 35 years old, and we are increasing the training they receive. By 2028, training hours will increase to 50 from 40 today per year.”
He also stated, “our new 2025-2028 business plan focuses on profitability, returns and dividend distribution to shareholders, as we work towards becoming a leading financial services group in Greece. We recognize our commitment to the wider Greek society. In this context, in 2024 we channeled 1.4 billion euros to finance projects within the framework of sustainable development. Approximately 55 million euros in the last two years have been directed to our social agenda as support to communities, and for the restoration of natural disasters, through the EQUALL program. At the same time, the Carbon Disclosure Project, which collects and analyzes data on corporate environmental practices, gave us an A- rating, recognizing our efforts on climate-related issues. We remain committed to implementing new technologies across our entire range of operations and creating value for our customers, people and investors.”
