Piraeus Financial Holdings (ATHEX: TPEIR) (OTCQX: BPIRY) (OTCQX: BPIRF):
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H1.25 continues our track record of delivering strong results
Sustainable profitability | Operating efficiency | |||
15% return over tangible book value | 34% cost-to-core income | |||
€0.43 earnings per share | 2.4% NIM | €1.3bn net revenues | ||
Capital generation | Solid asset quality | |||
20.4% total capital ratio | +100bps YoY | 2.6% NPE ratio | 67.5%
| |
Performing book expansion | Client assets | |||
€36bn Jun.25 | +15% YoY | €63bn deposits Jun.25 | €13bn AuM Jun.25 | |
H1 2025 highlights
Outstanding loan book and client assets growth
- Loans at €36bn, up €2.2bn in H1 and 15% yoy, already meeting the target for end-2025; We upgrade full year target to >€36.5bn loans.
- €6.3bn new loans disbursed in the Greek economy since the beginning of the year, marking our best first half performance on record; Credit expansion supported by all business lending segments; household lending increased +€70mn in Q2
- Client assets under management (AuM) increased by 27% yoy, at €13.2bn, surpassing the full-year target of >€12.0bn; We upgrade our target to >€13.5bn assets under management for end-2025
Sustainable profits and returns
- Solid profitability of €559mn in H1, corresponding to €0.43 earnings per share, well on track to meet the full year target of c.€0.80; 15% return on tangible book value, compared to c.14% target for the full year; tangible book value per share increased to €5.90, up 8% yoy
- Net revenues at €687mn in Q2, up by 6% qoq, due to resilient NII, good performance in fees and trading income; NII dropped by 1.5% qoq, compared to -6% in Q1, despite steep decline in rates
- Net fee income in H1 was stable yoy, at 24% over net revenue
- Piraeus intends to proceed to an interim distribution out of 2025 profit, amounting to €100mn in the form of share buyback, to be executed during fourth quarter 2025, subject to the necessary supervisory and EGM approvals
Discipline in operating efficiency and balance sheet management
- Operating efficiency, with 34% cost-to-core-income ratio in H1, among the best across EU banks, while continuing to invest in our people, technology and business growth
- Strong balance sheet, with organic cost of risk at 0.5%, in line with the full year target. NPE ratio at 2.6% vs. 3.3% a year ago and prudent NPE coverage at 67%, up 9 percentage points yoy
- Superior liquidity profile with €63bn deposits (+5% yoy) and liquidity coverage ratio at 206%
CET1 with comfortable buffers above management target
- Pro forma CET1 ratio stood at 14.4% and total capital ratio at 20.4%, absorbing the 50% distribution accrual for 2025, robust loan growth and DTC amortization
- Buffer of approximately 440bps above P2G (16.0%)
- Aspiration for above €500mn total distribution out of 2025 profits
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Contacts:
Group Investor Relations
4 Amerikis St., 105 64 Athens
Tel.: (+30) 210 3335818
Bloomberg: TPEIR GA Reuters: BOPr.AT
ISIN: GRS014003032
investor_relations@piraeusholdings.gr
www.piraeusholdings.gr
