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 8.3 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 €75.7bn on 31.12.2022.
Piraeus Bank Group in Greece/ December 2022
|| 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.
2022 was another milestone year for Piraeus Bank, which continues to unlock the value of its franchise, underpinned by the completion of the Group’s balance sheet clean-up. Piraeus has delivered strong financial results, outperforming its targets across the board.
In 2022, Piraeus generated €0.42 normalized earnings per share. The Group has achieved steady business loan growth, risk-adjusted profitability, continued cost discipline and accelerated capital build-up.
The enhanced organic capital generation has driven the fully-loaded CET1 ratio to 11.5%, up by circa 110bps in the quarter and by circa 300bps in the last 12 months.
The Group’s performing loan portfolio has grown by €2.7bn in the full year 2022, with net credit expansion of €550mn in Q4. The NPE book continues to be managed actively, reaching a ratio below 7% at year-end 2022 from 13% a year ago.
In late January 2023, Piraeus Bank communicated its new financial targets for the current year. The key elements comprise a sustainable return on tangible equity of 10%, further boost to total capital to above 17.3%, and circa €1.7bn net credit expansion.
Piraeus continues to raise its aspirations and remains focused on creating value for its shareholders, clients and employees.