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 8.2 thousand employees. Piraeus Bank offers a full range of financial products and services to 6.0mn customers in Greece. The Piraeus Bank Group's total assets stood at €74.7bn on 31.03.2023.
Piraeus Bank Group in Greece/ March 2023
|| Net Loans
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.
2023 started on a strong foot for Piraeus Bank, which continues to unlock the value of its franchise. In the first quarter Piraeus delivered a solid set of results, generating €0.15 normalized earnings per share and 13% RoaTBV. The Group has achieved sustainable risk-adjusted profitability and capital build-up, while maintaining a superior liquidity profile and cost discipline. Balance sheet clean-up continues, with the NPE ratio dropping further to 6.6% and NPE coverage increasing to 55%.
The organic capital generated in Q1 has driven the CET1 ratio to 12.2%, up by 0.6% in the quarter and by circa 2.4% in the past 12 months. Furthermore, Piraeus is in the position, as of Q1, to accrue for a 10% dividend payout, to pave the way for its aspiration towards distribution to its shareholders out of 2023 profits. The cost discipline efforts continued unabated for yet another quarter, with operating expenses contained at almost the same level vs a year ago, absorbing the inflationary pressures and enabling Piraeus to invest in elevating the client experience.
The Group’s performing loan portfolio grew 8% yoy and there is a strong pipeline of business projects also for this year, including RRF sponsored plans where Piraeus has already undertaken €1bn financing, and the newly launched program “My Home” for which Piraeus Bank has currently received more than 40% of total applications. On the other hand, client assets under management increased 9% to €7.6bn in Q1, driven by targeted inflows to mutual funds, leveraging the extensive expertise in this field. Overall, the reinforced commercial franchise has delivered a 15% net fee income growth in Q1 compared to a year ago.
Piraeus continues to deliver on its plan and remains focused on creating value for its shareholders, clients and employees.