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 8.9 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 €79.5bn on 31.03.2022.
Piraeus Bank Group in Greece/ March 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 the NPE ratio to low single digit percent in line with European average , (d) maintaining adequate capital buffers.
Piraeus Group’s first quarter 2022 financial performance demonstrated sizeable improvement in all key areas of business. Piraeus achieved a 6% return over tangible equity, in line with its full year 2022 guidance. The capital position is solid, at 10% fully loaded CET1, incorporating more than two-thirds of the 2022 NPE clean up, while underlying cost of risk recorded historical low levels on the back of balance sheet derisking. Net interest income, excluding NPE-related revenues, displayed resilience. In addition, net fee income was above the €100mn threshold for fourth consecutive quarter, and along with continued cost discipline, contributed to pre provision income reaching €502mn.
Balance sheet evolution is underpinned by a strong liquidity position with deposits strengthening, performing loan book expansion with €1.7bn new loans in the first quarter, and positive trajectory in the assets under management and bancassurance business, which grew by 37% and 26% year-on-year respectively.
For Piraeus, the pragmatic assumptions upon which our business plan is based, allow us to be confident hitting our targets, thereby primarily enabling us to continue to support the Greek economy and provide attractive returns to our shareholders.