PIRAEUS BANK: Piraeus Bank further expansion
PIRAEUS BANK: Piraeus Bank further expansion Piraeus Bank, one of the largest privately banking groups in Greece, is one of the fastest growing institutions in Greece today, with an ever-increasing international presence. The latest developments are more than promising, and include increased profitability, growth and expansion abroad and reinforcement of the Group's position in its main business areas. Impressive first half 2005 results Piraeus Bank group reported a remarkable set of results for the 1st half of 2005. In particular, The Group's profit after tax and minority interests amounted to EUR86.5 mn in H1 2005 compared to EUR56.9 mn in H1 2004, representing a growth of 51.9%. The basic and diluted after-tax EPS in H1 2005 reached EUR0.44 up from EUR0.29 the respective period of 2004, showing an increase of 50.8%. Moreover, total loans grew by 26% yoy, customer deposits by 20% yoy, while ROE improved to 19.3% from 14.2% last year. A series of acquisitions Since last May the Group has expanded its presence in the Balkans and Eastern Mediterranean basin, promoting its effort of outward looking policy and expansion. A key objective of the Group has been to expand its banking activities in markets that present significant growth potential.