Piraeus Bank has unveiled a significant reduction in banking fees for businesses as part of a broader adjustment to its fee policy aimed at bolstering support for both enterprises and vulnerable social groups in Greece.
Notably, the bank is slashing fees for the IRIS payments interbank service by 50% for professional use. This move is designed to promote electronic transactions and facilitate direct payments for freelancers and sole proprietors.
In addition, Piraeus Bank is removing fees for outgoing credit transfers up to 15,000 euros and for credit card payments to other banks when conducted through Phone Banking. Currently, both services incur a 6-euro-fee.
Looking ahead, AXIA anticipates that Piraeus Bank Group will maintain its positive momentum. The group is scheduled to release its second-quarter 2024 results on July 31. AXIA projects that, following a robust first quarter, the bank’s favorable performance will persist.
However, the Visible Alpha consensus predicts a 2% decrease in net interest income (NII), with the net interest margin (NIM) holding steady at approximately 2.7%.
Meanwhile, fee income is expected to rise by 3%, buoyed by strong performance across various sectors and increased volumes of new loans and transactions.
Regarding cost trends, AXIA estimates that operating expenses will remain stable on a quarterly basis. The company does not anticipate any formation of non-performing exposures (NPEs) as it continues its efforts to further clean up its balance sheet through maturities, write-offs, and sales.
