Piraeus Bank, one of four systemic banks in Greece and often among the most “Bullish”, will return to profitability in 2016, group chairman Mihalis Sallas said this week.
Piraeus Bank, one of four systemic banks in Greece and often among the most “Bullish”, will return to profitability in 2016, group chairman Mihalis Sallas said this week.
He based his prediction on lower provisions for non-performing loans and cost cutting.
In statements to Reuters, Sallas said a decline in Greek property values has reached an end. The recent “bust” in real estate had affected banks’ loan collateral values and was a factor in the surge of loan-loss provisions last year.
"I do not see a further price decline in the real estate market. The completion of the bailout review is crucial and will lead to an improvement," he added.