WHO WE ARE
Piraeus Financial Holdings S.A. is a financial holdings company, listed on the Athens Stock Exchange, and the parent company of the banking institution “Piraeus Bank S.A.”.
Subsequent to the corporate transformation that took place on 30 December 2020, the banking operations were hived-down to a new wholly owned banking subsidiary (Piraeus Bank S.A.). Certain non-banking sector activities remain with the parent entity of the Group, which evolved into a financial holding company listed on the Athens Stock Exchange (Piraeus Financial Holdings S.A.).
The key subsidiary of Piraeus Financial Holdings S.A. is Piraeus Bank S.A., it is headquartered in Athens, generates 95% of the Group’s revenues, and has approximately 8.7 thousand employees. Piraeus Bank offers a full range of financial products and services to 5.7mn customers in Greece. The Piraeus Bank Group's total assets stood at €82.7bn on 30.09.2022.
Piraeus Bank Group in Greece/ September 2022
Piraeus Bank was founded in 1916. Today it represents the leading Bank in Greece in terms of customer loans and deposits.
The Bank is committed to play a leading role in the Greek economy, actively supporting economic activity and extroversion through specialized solutions and high-level services to its customers.
Piraeus Bank’s main targets are: (a) enhancement and diversification of revenue sources and operational efficiency to generate sustainable profitability, (b) expanding lending to support the country’s economic recovery, (c) reducing further the NPE ratio to low single digit percent in line with European average, (d) maintaining adequate capital buffers.
Piraeus has delivered impressive financial results in the 9-month 2022 period, driven by high-quality earnings and outperformance of targets across the board.
In the first 9 months of 2022, Piraeus generated €0.28 normalized earnings per share. Piraeus is achieving steady business loan growth, high risk-adjusted profitability, continued cost discipline and accelerated capital build-up.
Piraeus is clearly unlocking the strength of its unparalleled franchise. The Group’s performing portfolio has expanded by €0.8bn in Q3 and by €2.3bn in the 9-month 2022 period, already surpassing the revised annual target of €2.0bn. Piraeus has successfully absorbed the first €200mn tranche of the RRF funds, and has received approval for disbursement of the second tranche.
The NPE book continues to decrease, clearly heading to a ratio below 8% at year-end 2022 from 9% in Q3. Accelerated organic capital generation has driven the fully-loaded CET1 ratio to 10.7%, up by c.120bps in the quarter and by more than 300bps in the last 12 months.
Piraeus continues to raise its aspirations and remains relentlessly focused on creating value for its shareholders, clients and employees.