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 6.2mn customers in Greece. The Piraeus Bank Group's total assets stood at €79.3bn on 30.09.2023.
Piraeus Bank Group in Greece/ September 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.
Piraeus Bank delivered another strong set of financial results in Q3 2023, generating €0.21 normalized earnings per share and 17.6% RoTE. The Group continued to improve all key financial metrics, with a focus on sustainable risk-adjusted profitability and capital build-up, through diversified revenue generation and cost discipline, while maintaining prudent credit risk management. The Group’s strategy to boost fees is bearing fruits, as the net fee income grew by 12% in Q3 and 14% in 9M, to record levels, while the pursuit of further operational efficiencies, has driven the Q3 costs down 8% yoy, to the lowest ever quarterly cost base.
The accelerated organic capital generation this year has driven the CET1 ratio to 12.9%, up by 1.3 percentage points year-to-date, while at the same time accruing for planned shareholder distribution.
The Group’s performing loan portfolio grew 4% yoy, with €830mn net credit expansion year to date, leveraging on the Group’s market leading position in RRF programs take-up, with 40% market share in new disbursements.
While the external environment is increasingly uncertain, it is in these times that the strength of the Group’s model and team is most evident. Piraeus Bank will achieve or exceed its 2023 targets given the positive momentum, which is expected to carry into 2024, as Piraeus continues to play its role in supporting its customers and the wider Greek economy.