Piraeus Financial Holdings (ATHEX: TPEIR) (OTCQX: BPIRY) (OTCQX: BPIRF):
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€854mn net profit and 15% RoaTBV in 9M.25
Sustainable profitability | Operating efficiency | |||
15% normalized return
| 34% cost-to-core income | |||
| €0.62 earnings per share
| 2.3% NIM | €2.0bn net revenues | ||
Capital generation | Solid asset quality | |||
20.6% total capital ratio | +65bps YoY | 2.5% NPE ratio | 49bps Organic CoR | |
Performing book expansion | Client assets | |||
€37bn client loans | +15% YoY | €64bn deposits | €14bn AuM | |
Q3 and 9M 2025 highlights
Outstanding loan expansion and client assets growth
- Loans at €36.8bn, up €3.1bn in 9M; strong performance leads to revision of 2025 target to >€37.3bn
- €9.5bn loans disbursed in the Greek economy in 9M, marking our best nine-month performance on record; credit expansion supported by all business lending segments
- €45mn net credit expansion of mortgages in Q3, the first after 15 years
- Client deposits at €63.9bn continue to post healthy growth, +2% qoq and +5% yoy
- Client assets under management (AuM) up by 30% yoy, at €14.3bn, above the 2025 target of >€13.5bn
Sustainable profits and returns
- Solid, normalized for one-offs, profitability of €854mn in 9M, or 15% return on tangible book value; €278mn normalized net profit in Q3, adjusting for the Bank's contribution to the state sponsored programme for school renovations
- €0.62 earnings per share in 9M, on track to exceed the 2025 target of c.€0.80
- Tangible book value per share at €6.09, up 7% yoy, with €0.30 cash dividend paid in Jun.25
- Net revenues at €648mn in Q3, with fees rising by 5% yoy, and NII flat compared to Q2, reaching trough levels
- Net fee income rose to €489mn in 9M, at 25% over net revenue, and at par with the upgraded 2025 target of c.€0.65bn; loans, asset management and bancassurance drive fee growth
- Piraeus kickstarted the interim distribution out of 2025 profit, amounting to €100mn in the form of share buyback, to be completed during November 2025
Discipline in operating efficiency and balance sheet management
- Best-in-class operating efficiency, with 34% cost-to-core-income ratio in 9M, while continuing to invest in our people, technology and business growth
- Healthy balance sheet, with organic cost of risk at 0.5%, in line with the full year target. NPE ratio at 2.5% vs. 3.2% a year ago and NPE coverage at 71%
- Superior liquidity profile with 67% loans-to-deposit ratio and liquidity coverage ratio at 217%
CET1 with comfortable buffers above management target
- Pro forma CET1 ratio stood at 14.6% and total capital ratio at 20.6%, absorbing the 50% distribution accrual for 2025, robust loan growth and DTC amortization
- Buffer of approximately 460bps above P2G (16.0%), or c.310bps including Ethniki Insurance
- 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
