Corporate profile

Piraeus Bank’s main targets are:

a) enhancement and diversification of revenue sources and operational efficiency to generate sustainable profitability,
b) expansion of lending to support the country’s economic recovery,
c) optimization of return on capital and reward to shareholders, with a growing distribution pay-out ratio in line with European banks’ average levels.

Piraeus has delivered another strong set of results. Piraeus continued to grow, posting strong net credit expansion, deposit inflows, and higher assets under management, while asset quality remains robust. In the first nine months of 2025, Piraeus generated 15% return over tangible equity with €6.09 tangible book value per share, up 7% in the past 12 months. 

Strong portfolio
Top line exhibited resilience, as the loan portfolio increased by 15% year on year, reaching €37bn, meeting the end-2025 target ahead of schedule. Piraeus continued to create value for clients, who entrust it with the largest client asset base in Greece: €64bn deposits, increased 5% year on year, and €14bn assets under management; the latter already surpassed the updated full-year target of above €13.5bn. 

Creating value
Net interest income has stabilized close to Q2 levels, while fee income tracked towards the full-year objective. Net interest margin stood at 2.3%, while net fee margin remained at the market-leading 0.8%. Costs and organic cost of risk were essentially flat compared with the prior quarter. Piraeus recorded a one-off charge related to the charitable donation for schools’ renovation programme as part of Piraeus’s CSR actions, which does not alter the full-year outlook. 

Lending activity remains well diversified, with disciplined growth across corporate, SME, and green segments. Notably, mortgage lending turned net positive for the first time in over a decade, driven by renewed demand. Targeted and innovative mortgage product “Spiti25” has attracted more than 930 applications in a couple months.

Strong capital position and shareholder reward
Piraeus is disciplined steward of capital and remains focused on shareholder value. In October, Piraeus commenced its €100mn share buyback program under its 2025 interim distribution. Capital ratios remain comfortably above requirements, supporting growth, distributions, and continued investment. Total capital ratio increased to 20.6% in September 2025, incorporating 50% distribution reserve out of 2025 profit and digesting the strong loan growth.

Recent developments
Strategically, Piraeus is progressing with the Ethniki Insurance transaction. Piraeus has received clearance from the Hellenic Competition Commission, and is working towards the remaining approvals; subject to closing, Piraeus plans to consolidate Ethniki Insurance in the FY2025 results and present a refreshed business plan with expanded fee and insurance capabilities. 
Importantly, Snappi neobank made its debut in the Greek market in Q3 with promising early traction of more than 30,000 existing application users in less than a month. Snappi’s value proposition is tailored to tech savvy users, promoting a branchless service model. At the same time, Piraeus continues to invest in digital transformation and ESG initiatives, launching new fintech partnerships and green financing products that drive innovation, operational efficiency, and customer value.

Piraeus enters the final quarter of the year confident in its ability to deliver a strong finish to 2025, thus upgrading its net credit expansion target to >€3.5bn from >€3.0bn and RoaTBV target to 15% from 14% previously.