Piraeus Bank: Citi forecasts €285 million in Q3 net profit

Citi has maintained its ‘Buy’ recommendation and €11.40 price target for Piraeus Bank ahead of its third-quarter results announcement on October 30. The American bank projects net profits of €285 million, representing a 9% increase on an annual basis, with a Return on Tangible Equity (RoTE) of 14%.

Total revenues are expected to rise by 12% to €726 million, driven by a 12% increase in net interest income to €526 million and a 25% surge in fee income to €205 million. However, trading and other activities are projected to result in a €5 million loss due to market volatility.

Citi has slightly adjusted its 2026 earnings per share forecasts downward by 2%, accounting for weaker trading contributions and increased credit loss provisions. The bank is also factoring in extraordinary charges, including approximately €25 million for school reconstruction donations and €15 million for a voluntary redundancy program in the fourth quarter. Operating expenses are expected to grow by 14% to €240 million, while credit losses are projected to reach €79 million, a 17% annual increase.