Piraeus Bank S.a. · ATHEX:TPEIR
Piraeus Bank — Piraeus Financial Holdings — 9M 2024 Earnings Presentation
83 slides from Piraeus Bank's earnings presentation, Nov 1, 2024
Slide 1: Nine Month 2024 Financial Results
Nine Month 2024 Financial Results 01 November 2024
Slide 2: Contents
Contents 01 Executive Summary 02 Performance vs Peers Financial Analysis 03 04 Sustainability 05 Annex
Slide 3: Executive Summary
01 Executive Summary
Slide 4: Record 9M net profit and upgraded payout
Record 9M net profit at €932mn and EPS €0.72; 35% upgraded 2024 payout and 50% for 2025 1 €530mn Q3 NII NII growth qoq, as volume growth outpaced the Jun.24 rate cut 2 +10% loan growth for 2024 €32bn PE book (+€2bn ytd), beating FY.24 target of €31.5bn; updated target €33bn for Dec.24 3 €320mn Q3 no
Slide 5: Sustained high performance over multiple quarters
Sustained high performance over multiple quarters, driving towards strong 2024-finish and 2025 Financial KPIs 9M.23 9M.24 Q3.23 Q3.24 RoaTBV (%) 15.4% 17.7% 17.6% 17.7% NII / assets (%) 2.6% 2.7% 2.7% 2.7% NFI / assets (%) 0.7% 0.8% 0.7% 0.8% Executive Summary Cost-to-core income (%) 32% 29% 29% 30%
Slide 6: Record 9M profit for Piraeus; EPS grows 31%
Record 9M profit for Piraeus; EPS grows+31%, TBV per share +15% yoy Group Figures (€mn) Q3.23 Q2.24 Q3.24 9M.24 Net interest income 531 528 530 1,575 Net fee income 140 179 156 480 Net trading result (8) 7 33 36 Other operating result (10) 12 (10) (22) Operating expenses (194) (199) (206) (598) Unde
Slide 7: NII and NFI dynamics supported by growth
NII and NFI dynamics supported by growth, while asset quality trends remain strong Net interest income (€mn) Net fee income (€mn) 179 Growing NII qoq despite 530 New run rate for fees 156 531 537 518 528 144 145 rate cut in Jun.24, given post Q2 boost; Q3 key 140 strong loan expansion drivers: loans
Slide 8: Growing NII qoq, with performing loan interest income up
Growing NII qoq, with performing loan interest income up, supported by volumes Net interest income (€mn) Q3.23 Q2.24 Q3.24 NIM over assets (%) Performing exposures 472 500 505 2.73% 2.72% 9M Bond portfolio 80 106 112 2.72% 2.74% Cash at central banks 111 99 77 Customer deposits (70) (80) (84) Execut
Slide 9: Net interest income: upside to current 2025 guidance
Net interest income: upside to current 2025 guidance, despite lower interest rates Net interest income trajectory 2025 new assumptions €mn ~2.1bn ~1.85-1.9bn ~1.9bn Lower € rates -100 to -125 ~1.8bn Higher loan volumes +25 to +50 Executive Summary Lower time deposit mix +100 to +125 Earlier bond IRS
Slide 10: Loan portfolio yield at 6.4% in Q3
Loan portfolio yield at 6.4% in Q3, with resilient spreads qoq Performing loans’ yields & spreads ▪ Loan pass-through remains at the Loan portfolio yields Q3.22 Q2.24 Q3.24 Δ vs Q3.22 PE Sep.24 level of ~80% CIB 3.70% 6.57% 6.39% +2.69% €21.9bn ▪ Limited repricing of unsecured products (large part o
Slide 11: Disciplined deposit pricing and no further shift to time deposits
Disciplined deposit pricing and no further shift to time deposits Deposit cost evolution Deposits ▪ Time deposit balances have Deposit costs (stock) Q3.22 Q2.24 Q3.24 Sep.24 stabilized for over a year Sep.24 First demand deposits cost (%) 0.04% 0.07% 0.07% 0.07% €47.0bn ▪ c.40% of time deposits get
Slide 12: Net fee income at 0.8% over assets
Net fee income at 0.8% over assets, with diversified model Net fee income (€mn) NFI over assets (%) Q3.23 Q2.24 Q3.24 yoy Financing Loans 22 30 27 25% Letters of guarantee 12 13 13 9% Investment banking 2 1 0 -88% 0.93% 0.72% 0.80% 0.83% 9M Executive Summary Investment Bancassurance 11 14 13 16% Ass
Slide 13: Wealth & asset management: AuM up 18% in 9M
Wealth & asset management: increased AuM by 18% in 9M, +29% yoy Assets under management (€bn) 11.0 ▪ Upscale Private Banking solutions with 9.3 focus on Advisory & Discretionary Portfolio Management 4.6 ▪ New digitalized client journeys through Executive Summary 6.9 the Piraeus Bank Mobile App 4.2 P
Slide 14: Maintaining discipline in cost efficiency
Maintaining discipline in cost efficiency, targeted investments to ensure long-term productivity gains Operating expenses (€mn) Q3.23 Q2.24 Q3.24 +6% yoy, incorporating increased variable pay Staff costs 94 97 100 new targeted VES in Q4 (~250 exits) G&A costs 74 73 75 Depreciation 26 29 31 Total OpE
Slide 15: Asset quality keeps cost of risk at historic lows
Asset quality dynamics maintain underlying cost of risk at historic low levels NPE balance evolution (€bn) 2.0 1.3 1.3 1.3 1.3 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Executive Summary Organic CoR 0.8% 0.6% 0.5% 0.5% 0.5% o/w underlying CoR 0.5% 0.3% 0.2% 0.2% 0.3% NPE coverage 5
Slide 16: Performing loans +€1.9bn in 9M
Performing loans +€1.9bn in 9M, at €32bn, +9% yoy Performing loan evolution (€bn) Net PE movement +€2.6bn yoy (+9%) Net PE movement +€1.9bn ytd (+6%) ▪ Out of €2.8bn disbursements in Q3, c.€1.3bn to small / +2.8 32.0 medium enterprises and Executive Summary 29.4 30.1 31.3 -2.0 -0.1 individuals and c
Slide 17: Solid credit expansion across business lending segments
Solid credit expansion supported by all business lending segments, while retail is break-even Performing exposures evolution, (€bn) Performing loans yields, % 3.6% 4.0% 6.2% 6.4% CAGR 2021-Sep.24 Executive Summary 8% 32.0 (1%) Consumer loans & credit cards ▪ Substantial increase of 7% in 30.1 1.7 CA
Slide 18: 9M loan growth beats FY.23 and FY.24 budget
9M loan growth beats FY.23 and the €1.6bn FY.24 budget Net credit expansion (€bn) +€1.6bn +€1.8bn 1.2 +0.8 +0.7 0.8 +0.2 -0.2 -0.2 Q1.23 Q1.23 Q2.23 Q2.23 Q3.23 Q3.23 Q4.23 Q4.23 Q1.24 Q1.24 Q2.24 Q2.24 Q2.24 Q3.24 Executive Summary Total -0.2 +0.8 +0.2 +0.7 -0.2 +1.2 +0.8 Individuals -0.1 -0.1 -0.1
Slide 19: Retail credit: net growth expected in 2025
Retail credit: net growth expected in 2025 New production, (€bn) Mortgages Small business Consumer loans 1.1 1.1 1.1 Executive Summary 0.6 0.5 0.4 0.3 0.3 0.35 FY.23 FY.24e FY.25e FY.23 FY.24e FY.25e FY.23 FY.24e FY.25e Repayments -0.6bn -0.6bn -0.6bn -0.9bn -0.9bn -0.9bn -0.3bn -0.3bn -0.3bn 01 Net
Slide 20: Superior liquidity profile post TLTRO repayments
Superior liquidity profile to be maintained post TLTRO repayments; deposits up 1% qoq Liquidity KPIs >220% adjusted for 241% 241% 244% remaining TLTRO repayment LCR (%) 201% 215% Executive Summary TLTRO (€bn) 5.5 3.5 3.5 1.0 1.0 maturing in Dec.24 Dec.22 Dec.23 Mar.24 Jun.24 Sep.24 Dec.22 Dec.23 Mar
Slide 21: 14.7% CET1 ratio meets 2024 target
14.7% CET1 ratio already meets 2024 target; 2024 distribution accrual increases to 35% CET1 trajectory Q3.24 (%) 1.2% +0.4% 14.7% 13.2% 13.9% (0.3%) (0.2%) Executive Summary (0.3%) incl. catchup to 35% payout 01 Dec.23 Jun.24 PnL Growth Other adjustments Distribution Rating related relief Sep.24 acc
Slide 22: Deferred tax credits amortization accelerated
Deferred tax credits: amortization to be accelerated as of 2025, reaching zero DTC in 2034 vs 2041 As-is 2025 €mn DTC/CET1 % improvement in parallel with boost from lower other DTA Profit before tax 1,350 Tax -350 (-183 DTC) ~78% Profit after tax 1,000 ~62% DTC starting balance 3,118 DTC amortizatio
Slide 23: Profitability run-rate generates capital accretion
Profitability run-rate generates substantial capital accretion Illustrative capital trajectory (€bn) Under current context, €1bn net profit enables ~€400mn capital buffer, growing loans by ~€2bn and distributing 50% to shareholders, while amortizing extra €150mn for DTC +0.3bn 1.0bn Executive Summar
Slide 24: Already compliant with terminal MREL requirement
Already compliant with terminal MREL requirement, a year ahead of deadline Final MREL requirement MREL position (Dec.25) (30 Sep.24) • 2024 issuance activity year-to-date incorporates: • €500mn Tier 2 with 7.25% coupon, 29.1% • €500mn Senior Preferred bond with 5.00% coupon, 27.9% under revision • €
Slide 25: snappi is the first Greek neobank with Euro area license
snappi is the first Greek neobank with a Euro area full banking license Vision for the next 4-5 years ▪ Received a Euro area banking ▪ ~2.5 million customers license in June 2024 ▪ >€200mn revenue Executive Summary ▪ Family testing launched ▪ Differentiated client solutions ▪ Commercial launch in Gr
Slide 26: 9M.24 outperformance drives FY.24 targets higher
9M.24 outperformance drives FY.24 targets higher and paves the way for a strong 2025 New guidance points to >€0.35bn payout out of 2024 profits, corresponding to >8% distribution yield at current market cap FY.23 FY.24 FY.24 9M.24 actual target target actual (14 Feb) (01 Nov) EPS normalized (€) €0.8
Slide 27: Digital and analytics are the backbone of Piraeus
Digital and analytics are the backbone of Piraeus We completed the …and now we are building the next generation of "foundations" in digital capabilities to capitalize on competitive advantage & analytics … 99% Advanced analytics 1st Greek bank to announce a comprehensive AI strategy comprising of an
Slide 28: Transformation projects delivered in 9M 2024
Transformation projects delivered in 9Μ 2024 Rebranding Branch of the Future • Fresh brand signaling a new era for Piraeus • 1st bank to launch & roll-out at full scale reflecting its values and initiatives • 140 branches already transformed PHOTO • >80% of network documents now signed • >200 branch
Slide 29: Transition to the Modern Retail Bank model
Transition to the Modern Retail Bank model to be concluded in 2025, the 1st Bank in Greece to implement at scale a future-proofed cost-efficient branch, while retaining the largest footprint Significant progress in implementing our new customer-centric branch model focusing on advisory and improving
Slide 30: New branch model fueled by new branding
New branch model is fueled via our new branding and look and feel redesign New look & feel for 140 branches to date & over 200 by end-of-year Reimagine design Executive Summary Reskinned exterior prominently conveying The New Contemporary welcome area identity Redefine Rethink CX Branch offers Model
Slide 31: Piraeus sustainability: Q3 developments
Piraeus sustainability: Q3 developments fueling actionable progress AREA NEED STRATEGIC ACTIONS • Primary energy reduction, in • Piraeus and CFP Green Buildings entered in a strategic partnership in Oct.24 the building sector, by 16% by • Buildings Retrofitting Calculator, a specialized and comprehe
Slide 32: Piraeus: the leading bank in Greece
Piraeus: the leading bank in Greece #1 in performing loans (25%), deposits (28%), bancassurance (29%), brokerage (27%) 36% market share in e-banking; 99% of transactions via digital channels #1 Greek bank to meet terminal MREL; investment grade rating regained (Moody’s Baa3/positive) Executive Summa
Slide 33: Performance vs Peers
02 Performance vs Peers
Slide 34: Return on tangible book among the best in the region
Piraeus’ return on tangible book among the best in the region RoaTBV 1 (%) 19.0% 18.6% 19.1%2 17.7%2 17.7%2 >17%2 15.8% Piraeus Performance Vs Peers 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 9M.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information. Spanish sample includes Unic
Slide 35: Credit expansion above peer averages
Credit expansion strong, above domestic and regional peer averages Performing loan growth 1 (yoy) ~10% Piraeus Performance Vs Peers 9% 8% 6% 1% (1%) 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information Note: 1. Excluding senior notes fro
Slide 36: NIM among the best in Southern Europe
NIM among the best in Southern Europe… Net interest income over average assets (bps) 280 274 273 272 ~270 Piraeus Performance Vs Peers 224 194 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 9M.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information 36
Slide 37: Driven by superior deposit betas
…driven by superior deposit betas Deposit betas (%) 18% 17% Piraeus Performance Vs Peers 15% ~15% 14% 14% 14% 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 9M.24 FY.24e Spain Italy Greek peers Source: UBS research, Piraeus Bank Notes: Italy average includes Intesa Sanpaolo, Banco BPM, BPER and Unicredit 37
Slide 38: Leader in fee income generation
Leader in fee income generation in a market that is converging to Europe’s best-in-class Net fees & commission income over average total assets (bps) 100 Piraeus Performance Vs Peers 93 83 80 ~80 67 63 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 9M.24 FY.24e Spain Italy Greek peers Source: SNL Financial Databa
Slide 39: Cost champion across the region
Cost champion across the region Cost-to-income ratio (%) 46%1 Piraeus Performance Vs Peers 42%1 35%2 30%2 29%2 ~30%2 28%2 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 9M.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information Notes: 1) Operating expenses divided by recurring revenu
Slide 40: NPE ratio close to regional averages
Following a radical reduction, NPE ratio is now close to regional averages… NPE ratio (%) Piraeus Performance Vs Peers 3.7% 3.3% 3.2% 3.0% <3.0% 2.5% 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information 40
Slide 41: Space for cost of risk to decline
…creating space for cost of risk also to decline Cost of risk1 (bps) Piraeus Performance Vs Peers 69 60 ~60 54 49 46 31 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 9M.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information Note: 1. Provision for customer loan losses as a percent o
Slide 42: Regulatory capital close to domestic peers
Piraeus’ regulatory capital is close to domestic peers and at par with its regional comparables Capital ratios 20.1% 19.9%1 19.9% ~20% 19.4% 17.5% Piraeus Performance Vs Peers Regulatory Capital % 15.9% 16.6%1 14.7% ~15% 13.1% 13.9% CET1% 02 Q2.24 Q2.24 Q2.24 Q2.24 Q3.24 FY.24e Spain Italy Greek pee
Slide 43: Stock trades below EU bank comps
Piraeus’ stock trades below its EU bank comps with similar earnings expectations, implying significant upside P/TBV multiple for 20241 (%) P/TBV 24e Implied P/TBV 24e 0.60x ~1.11x 1.11x 1.11x ~€6.40 Piraeus Performance vs Peers 0.97x 0.95x ~87% €3.44 PB share price Implied PB share price P/TBV 24e P
Slide 44: Financial Analysis
03 Financial Analysis
Slide 45: Strong balance sheet with excess liquidity
Strong balance sheet with excess liquidity boosting profitability Asset mix vs funding mix - Sep.24 ▪ Customer loans comprise 48% of assets amounts in €bn ▪ Fixed income portfolio comprises 20% of assets Total 78.8 78.8 Total ▪ Fixed income holdings of Greek sovereign at €10.1bn, 1.0 ECB other Europ
Slide 46: Balance sheet evolution pointing to further improvement
Balance sheet evolution pointing to further improvement Balance sheet items Group figures (€bn) Sep.23 Jun.24 Sep.24 Cash & due from banks 13.4 10.2 11.4 Net loans to clients 36.1 37.6 38.3 - Net PE book 35.1 36.9 37.6 - Net NPE book 1.0 0.7 0.6 Material NPE cleanup effort drove net NPE over total n
Slide 47: Performing loan portfolio evolution
Performing loan portfolio evolution Q3.24 performing loan movement (€bn) Q3.24 disbursements (€bn) Jun.24 Disbursements Repayments Other Sep.24 Category amount yield % Mortgages 0.1 3.2% Individuals 7.8 +0.2 -0.2 0.0 7.8 Consumer 0.1 10.7% SB 0.2 6.5% Business 23.5 +2.6 -1.8 -0.1 24.2 SME 0.9 5.5% P
Slide 48: Corporate lending growth supported by sector diversification
Corporate lending growth supported by wide sector diversification Business performing loan evolution per industry (€bn) PE delta qoq (€bn) +0.4 +0.8 -0.1 +1.3 +0.7 24.2 23.5 22.3 22.2 21.5 3.3 3.4 Financial Analysis 3.2 3.3 Wholesale 3.1 3.4 3.5 3.6 3.2 Manufacturing 3.5 2.8 2.8 2.7 2.7 Hospitality
Slide 49: Loan portfolio diversification
Loan portfolio diversification Group PE composition (€32.0bn at Sep.24, %) Q3.24 CIB disbursements breakdown Mortgages Industry mix % 19.1% Retail 24.3% Transportation (incl. shipping) 24% Consumer 5.2% Manufacturing 16% Wholesale & retail trade 16% Manufacturing 10.5% Energy 14% Wholesale & retail
Slide 50: Stabilizing loan yields; deposit costs contained
Stabilizing loan yields for performing exposures; deposit costs remain contained Group Interest income (€mn) Yields (%) Average balances (€bn) Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Customer loans 497 511 503 517 522 5.17% 5.30% 5.32% 5.39% 5.30% 37
Slide 51: Deposits up 3% yoy and 1% qoq
Deposits continuing growth in Q3, up 3% yoy and 1% qoq Customer deposit movement (€bn) Deposit movement by segment (€bn) +0.9 59.6 +1.2 +0.8 60.5 58.4 +1.2 +0.3 FY.22 FY.23 Q1.24 Q2.24 Q3.24 Sep.24 -1.2 -1.0 delta delta delta delta delta balance Mass | Farmers +1.9 +0.8 -0.6 -0.1 -0.3 21.9 Affluent
Slide 52: Diversified deposit structure enables low deposit beta
Our diversified deposit structure enables the low deposit beta; stable mix for the past 12 months Customer deposit breakdown (Sep.24) Mix (%) Average size (€) Accounts Deposits First demand/ First demand/ (#) (€bn) Time Time Sep.23 Sep.24 CIB ~10.9 12% 13% 88k CIB 92k 6% 5% 0.9mn Financial Analysis
Slide 53: Q3 operating costs up 6% yoy and 3% qoq
Q3 operating costs up 6% yoy and 3% qoq Operating costs (€mn) Q3.23 Q2.24 Q3.24 yoy • Staff costs up 6% yoy in Q3.24, on Staff costs 80 101 102 27% increased variable remuneration recurring 94 97 100 6% • G&A costs impacted by investments in G&A costs 89 73 75 2% IT, transformation projects, includi
Slide 54: Capital position metrics
Capital position metrics Capital ratios qoq €bn | % Jun.24 Sep.24 • Total capital ratio exceeding by c.410bps the 2024 P2G supervisory guidance of 15.83% (TCR 14.58% + P2G 1.25%) CET-1 capital 4.7 4.9 Tier 1 capital 5.3 5.5 • Post 2023 EBA stress test exercise, and based on the P2G bucket ranges, Pi
Slide 55: Post meaningful reduction of NPEs, 22% in 0dpd
Post meaningful reduction of NPEs, 22% of remaining portfolio in 0dpd NPEs per bucket (€bn as at Sep.24) Remaining NPEs (€bn as at Sep.24) 1.3 Denounced loans, half to be dealt 0 dpd 1-89 dpd >90 dpd NPEs Cash coverage with settlements / liquidations / 58% 0.4 write-offs, while the rest are Business
Slide 56: NPE movement outlines strong clean-up effort
NPE movement outlines strong NPE clean-up effort, both organic and inorganic Group NPE movement (€mn) Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 NPEs | beginning of period 2,442 2,049 2,045 1,329 1,303 1,264 Redefaults 23 19 17 17 14 10 Defaults 193 61 63 68 78 52 Total inflows 216 80 79 84 92 62 o/w busin
Slide 57: €1.3bn NPE stock, fully covered
€1.3bn NPE stock, fully covered by collateral and provisions Group NPE decomposition & coverage (€bn | %) Forborne NPEs (Sep.24) 109% 1.3 1.3 1.3 1.3 FNPE (€bn) 0.3 UTP 0dpd 0.2 0.5 FNPE 0.7 1-90dpd 0.1 Financial Analysis Collateral >90dpd 0.2 Total 0.5 0.9 NPL NPE 0.8 NPE 0.6 Provisions 03 Sep.24 N
Slide 58: Group NPE & NPE coverage ratio
Group NPE & NPE coverage ratio NPE ratio per product category NPE coverage ratio per product Jun.24 106% 103% Jun.24 Sep.24 Sep.24 68% 72% 4.8% 5.3% 59% 61% 4.5% 4.7% 3.3% 3.2% 3.0% 2.8% Financial Analysis 16% 19% Total Business Mortgages Consumer Total Business Mortgages Consumer NPE mix Loan loss
Slide 59: Retail Banking: superior profitability
Retail Banking: superior profitability through favourable liquidity premium and loan yields Performing loans (€bn) Net fee income (€mn) 223 10.0 10.1 10.1 €mn 9M.23 9M.24 183 Total net revenues 876 1,019 2.2 2.3 2.3 SB Financial Analysis Total operating costs (315) (308) 1.6 1.6 1.7 Consumer Pre pro
Slide 60: Corporate & Investment Banking: solid profitability
Corporate & Investment Banking: solid profitability driven by best-in-class volume growth Performing loans (€bn) Net fee income (€mn) 21.2 21.9 Leasing/ 1.5 19.3 1.4 factoring 1.4 164 … €mn 9M.23 9M.24 5.7 SMEs 5.8 Total net revenues 598 660 139 Financial Analysis 5.4 Total operating costs (140) (13
Slide 61: Treasury & Financial Markets
Treasury & Financial Markets: consistent execution of strategy in fixed income markets Fixed income securities per issuer (€bn) Fixed income securities per category (€bn) Yield 2.4% 2.9% 3.0% not including IRS impact 15.8 15.8 15.1 15.1 €0.6bn GR includes 1.0 2.4 Supras 1.0 0.6 €0.5bn GR 13.3 2.3 13
Slide 62: Sustainability
04 Sustainability
Slide 63: Piraeus sustainability frameworks
Piraeus sustainability frameworks pave the way for actionable progress FRAMEWORK RATIONALE MAIN ADVANTAGES OF THE FRAMEWORK • Structuring of a comprehensive • SFF serves as the guide for the classification of financial services and products as sustainable Sustainable methodology for sustainable Fina
Slide 64: Carbon footprint: financed emissions lowest among Greek peers
Piraeus carbon footprint: financed emissions the lowest among Greek peers GreenHouse Gas Emmissions 2023 2022 Change % • Piraeus’s Scope 1, 2 and 3 (1-14) GHG emissions in 2023 indicate a decreasing Direct emissions CO2,eq (tonnes) - Scope 1 1,238 2,083 -41% trend compared to 2022 • Piraeus’s total
Slide 65: SBTi annual transitioning path
SBTi annual transitioning path paves the way for accomplishment of targets GHG emissions GHG emissions GHG Actual GHG Actual GHG Actual GHG Scope 1 & 2 Scope 1 & 2 emissions emissions emissions emissions Progress (tCO2eq) (tCO2eq) reduction reduction % (2022) (2023) Operations (base year 2019) (targ
Slide 66: Piraeus' ESG blueprint
Piraeus’ ESG blueprint €3.25bn ESG financing (10% of total performing loan portfolio) and €1.15bn outstanding Green bonds #NRG Transition Targets Piraeus agenda ESG Reporting Piraeus agenda Bank & portfolio net zero target by 2050 Double materiality assessment Intermediary targets (2030) -73% Scope
Slide 67: Corporate Responsibility | Equall programme
Corporate Responsibility | Equall programme Piraeus Bank implements a multifaceted CSR strategy with the EQUALL programme, aspiring to return part of the value it creates to society. The EQUALL programme constantly grows to generate higher social impact, through specific training, upskilling and res
Slide 68: Annex
05 Annex
Slide 69: Greek economy to continue growing at healthy pace
Greek economy to continue growing at healthy pace 2023 2024 2025 actual estimate estimate GDP 2.3% 2.2% 2.1% • Greek GDP growth >2x EU average • Strong foundations for sustainable growth Unemployment 11.1% 10.8% 10.6% • Tourism, FDI & consumption drive growth Inflation 3.5% 2.5% 2.5% • Investment gr
Slide 70: Strong economic momentum with contained inflation
Strong economic momentum with contained inflation, increasing employment and record tourism Rapid post-pandemic recovery and resilient GDP …with moderated headline inflation on the back of a massive expected to grow at higher levels compared to the EU… energy inflation decline 20.0 14.0 Q2.24 Headli
Slide 71: Favourable Greek economic profile and RRF
Favourable Greek economic profile with the sovereign returning to investment grade status and RRF contribution Solid FDI flows reflecting strong potential in key sectors Greek sovereign upgraded to investment grade by S&P, Fitch & DBRS; reflecting effectiveness of fiscal discipline and reforms in Ne
Slide 72: Credit ratings
Credit ratings Greek sovereign Piraeus Bank Piraeus Bank Piraeus Bank Credit rating Long term Outlook Senior preferred 08 July 2024 Ba1 Baa3 Positive Baa3 04 July 2024 BBB- BB Positive BB 04 September 2024 BBB- BB Positive BB Annex 05 30 September 2024 BBB low BB (high) Positive BB (high) Moody’s ra
Slide 73: Group balance sheet evolution
Group balance sheet evolution Group balance sheet (€mn) Sep.23 Jun.24 Sep.24 qoq yoy Cash & balances with central banks 12,687 8,755 9,798 12% -23% Loans & advances to banks 737 1,453 1,636 13% 122% Gross loans 37,235 38,348 38,986 2% 5% (Loans loss reserves) (1,161) (743) (774) 4% -33% Securities/d
Slide 74: Group results | quarterly evolution
Group results | quarterly evolution (€mn) Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Net interest income 531 537 518 528 530 Net fee income 140 144 145 179 156 Net trading result (8) 32 (4) 7 33 Other operating result (including dividend income) (10) 10 (67) 12 (10) Total net revenues 653 722 592 726 709 Total n
Slide 75: Earnings per share calculations
Earnings per share calculations Earnings per share (€) Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 9M.23 9M.24 Outstanding number of shares (mn) 1,250 1,249 1,244 1,245 1,246 1,245 1,247 Core operating profit 195 205 297 285 307 314 296 698 917 AT1 coupon (mn) (13) (13) (13) (13) (13) (13) (13) (39) (
Slide 76: Loan and deposit portfolios
Loan and deposit portfolios Gross loans evolution (€mn) Deposits evolution (€mn) Dec.21 Dec.22 Sep.23 Dec.23 Jun.24 Sep.24 qoq yoy Dec.21 Dec.22 Sep.23 Dec.23 Jun.24 Sep.24 qoq yoy Group 37,018 37,270 37,235 37,395 38,348 38,986 2% 5% Group 55,442 58,372 58,663 59,567 59,757 60,540 1% 3% Senior 6,23
Slide 77: IFRS9 stage analysis | Group
IFRS9 stage analysis | Group Gross loans (€bn) Dec.171 Dec.181 Dec.191 Dec.201 Dec.211,2 Dec.221,2 Sep.232 Dec.231,2 Sep.242 Δ yoy Stage 1 19.1 17.6 18.4 19.6 26.5 30.4 31.4 32.3 34.5 10% Stage 2 6.3 6.6 5.7 6.0 5.6 4.3 3.8 3.8 3.2 -15% Stage 3 32.9 27.3 24.5 22.4 4.9 2.6 2.0 1.3 1.3 -37% Total 58.3
Slide 78: Definitions of APMs
Definitions of APMs1 1 Core income Net interest income plus (+) net fee and commission income plus (+) rental income from investment property Profit for the period excluding (-) dividend income, (-) net trading result, (-) other operating result booked in net other income/ (expenses), (-) one-off it
Slide 79: Definitions of APMs
Definitions of APMs 19 Net result/ Net profit Profit / (loss) attributable to the equity holders of the parent 20 Net revenues Total net income The ratio between the amount of available stable funding relative to the amount of required stable funding based on Regulation 2019/876 of the European Parl
Slide 80: Glossary
Glossary Assets under management (AuM) include Piraeus Asset Management MFMC assets, plus (+) Piraeus’ Securities' equity brokerage custody assets and private banking, plus 1 Assets under management (AuM) (+) institutional portfolios’ assets which includes Iolcus AuM as of 30 March 2022 2 Deposits /
Slide 81: Disclaimer
Disclaimer General This presentation pertaining to Piraeus Financial Holdings S.A. (formerly known as Piraeus Bank S.A.) and its subsidiaries and affiliates (the “Group” or “we”), its business assets, strategy and operations is solely for informational purposes. References to the “Company”, “Piraeus
Slide 82: Contact information
Contact information Theo Gnardellis Chief Financial Officer Chryss Berbati Business Planning, IR & ESG Head Xenofon Damalas IRO Amalia Missailidi Senior IR Manager | Credit Ratings Vangelis Pilios Senior IR Manager | Equity Analysts Nina Lykou IR Manager Yvonne Papageorgiou IR Manager 4 Amerikis str
Slide 83: Piraeus Financial Holdings
MM Piraeus Financial Holdings
Piraeus Financial Holdings — 9M 2024 Earnings Presentation on 6ix