Piraeus Bank S.a. · ATHEX:TPEIR
Piraeus Bank — Piraeus Financial Holdings — H1 2024 Earnings Presentation
74 slides from Piraeus Bank's earnings presentation, Jul 31, 2024
Slide 1: First Half 2024 Financial Results
First Half 2024 Financial Results 31 July 2024
Slide 2: Contents
Contents 01 Executive Summary 02 Performance vs Peers Financial Analysis 03 04 Annex
Slide 3: Executive Summary
01 Executive Summary
Slide 4: Piraeus: the leading bank in Greece
Piraeus: the leading bank in Greece #1 in performing loans (25%), deposits (28%), bancassurance (31%), brokerage (27%) 36% market share in e-banking; 99% of transactions via digital channels #1 Greek bank to meet the final MREL requirement a year and a half ahead of target Executive Summary Regained
Slide 5: Record €333mn net profit and €0.26 EPS in Q2; €612mn and €0.47 for H1
Record €333mn net profit and €0.26 EPS in Q2; €612mn and €0.47 for H1 1 €333mn Q2 normalized profit €612mn for H1, corresponding to €0.47 EPS, compared to ~€0.85 target for 2024 2 19% Q2 normalized RoaTBV 18% RoaTBV in H1, compared to ~15% target for 2024 3 +10% net revenue yoy in H1 NII and NFI ben
Slide 6: Sustained high performance over multiple quarters, implying a consistent forward path
Sustained high performance over multiple quarters, implying a consistent forward path Financial KPIs H1.23 H1.24 Q2.23 Q2.24 RoaTBV (%) 14.4% 17.9% 15.3% 19.1% NII / assets (%) 2.5% 2.7% 2.6% 2.7% NFI / assets (%) 0.7% 0.9% 0.7% 0.9% Executive Summary Cost-to-core income (%) 34% 29% 32% 28% Organic
Slide 7: Record quarter and first half profit for Piraeus; EPS grows +41%
1 2 Record quarter and first half profit for Piraeus; EPS grows+41%, TBV per share +15% yoy Group Figures (€mn) Q2.23 Q1.24 Q2.24 H1.24 Net interest income 488 518 528 1,045 Net fee income 141 145 179 325 Net trading result 29 (4) 7 3 Other operating result 4 (23) 12 (12) Operating expenses (199) (1
Slide 8: NII and NFI dynamics supported by growth, while asset quality trends remain strong
1 2 NII and NFI dynamics supported by growth, while asset quality trends remain strong Net interest income (€mn) Net fee income (€mn) 179 Performing loan portfolio Fee income increase, 537 518 528 141 140 144 145 running on attractive yields, 531 reaching historic highs; with resilient deposit beta
Slide 9: NII up 2% qoq and 8% yoy, supported by loans, bond portfolio and low deposit beta
3 NII up 2% qoq and 8% yoy, supported by loans, bond portfolio and low deposit beta Net interest income (€mn) Q2.23 Q1.24 Q2.24 NIM over assets (%) Performing exposures 428 485 500 2.74% 2.75% H1 Bond portfolio incl. IR hedges 107 132 141 2.71% 2.57% Cash at central banks 77 108 99 Customer deposits
Slide 10: Loan portfolio yield stable at 6.6% in Q2
3 Loan portfolio yield stable at 6.6% in Q2 Performing loans’ yields ▪ Loan pass-through remains at Loan portfolio yields Q3.22 Q1.24 Q2.24 Δ vs Q3.22 PE Jun.24 the level of ~80% CIB 3.70% 6.65% 6.57% +2.87% €21.2bn ▪ Budgeted spread compression in large corporate book, overall Mortgages 2.34% 5.09%
Slide 11: Disciplined deposit pricing and shift to time deposits in line with new guidance
3 Disciplined deposit pricing and shift to time deposits in line with new guidance Deposit cost evolution Deposit stock ▪ 2024 guidance incorporates Deposit costs (stock) Q3.22 Q1.24 Q2.24 Jun.24 ~16% average deposit beta Jun.24 from ~19% initially budgeted First demand deposits cost (%) 0.04% 0.07%
Slide 12: Net fee income at new record high, 0.9% over assets
3 Net fee income at new record high, 0.9% over assets; full year target of 0.8% to be exceeded Net fee income (€mn) NFI over assets (%) Q2.23 Q1.24 Q2.24 yoy 0.93% 0.85% H1 Financing Loans 31 21 30 -2% Letters of Guarantee 11 12 13 12% 0.76% Investment Banking 0 5 1 >100% 0.66% Executive Summary Inv
Slide 13: Maintaining discipline in cost efficiency, offsetting inflation and investments
4 Maintaining discipline in cost efficiency, offsetting inflation and investments Operating expenses (€mn) Q2.23 Q1.24 Q2.24 Staff costs 94 91 97 +2% yoy, incorporating increased variable pay G&A costs 78 73 73 Depreciation 26 29 29 Total OpEx (recurring) 199 193 199 stable yoy, on track with full y
Slide 14: Asset quality dynamics maintain underlying cost of risk at historic low levels
5 Asset quality dynamics maintain underlying cost of risk at historic low levels NPE balance evolution (€bn) 2.0 2.0 1.3 1.3 1.3 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Executive Summary Organic CoR 1.1% 0.8% 0.6% 0.5% 0.5% o/w underlying CoR 0.8% 0.5% 0.3% 0.2% 0.2% NPE coverage
Slide 15: Performing loans +€1.2bn in H1, compared to +€1.6bn full year target
6 Performing loans +€1.2bn in H1, compared to +€1.6bn full year target, to be exceeded Performing loan evolution (€bn) Net PE movement +€1.2bn ▪ Out of €3.2bn disbursements in Q2, c.€1.5bn to small / +3.2 31.3 medium enterprises and 30.1 30.0 +0.1 individuals and c.€1.7bn to -2.0 -0.1 corporate and
Slide 16: Solid credit expansion supported by all business lending segments
6 Solid credit expansion supported by all business lending segments, while retail is break-even in H1 Performing exposures evolution, (€bn) Performing loans yields, % 3.6% 4.0% 6.2% 6.6% CAGR 2021-Jun.24 Executive Summary 6% 31.3 (2%) Consumer loans & credit cards ▪ Substantial increase of 7% in 30.
Slide 17: Strong growth in Q2 in business lending, mainly shipping, manufacturing and trade
6 Strong growth in Q2 in business lending, mainly driven by shipping, manufacturing and trade Net credit expansion (€bn) 1.2 +0.8 +0.7 +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 Executive Summary Total -0.2 +0.8 +0.2 +0.7 -0.2 +1.2 Individuals -0.1 -0.1 -0
Slide 18: Diversified deposit structure enables the low deposit beta
6 Our diversified deposit structure enables the low deposit beta; stable mix for the past 12 months Customer deposit breakdown (Jun.24) Mix (%) Average size (€) Accounts Deposits First demand/ First demand/ (#) (€bn) Time Time Jun.23 Jun.24 CIB ~10.6 12% 12% 83k Executive Summary CIB 91k 6% 6% 1.0mn
Slide 19: Superior liquidity profile to be maintained post TLTRO repayments
6 Superior liquidity profile to be maintained post TLTRO repayments; deposits up 2% qoq Liquidity KPIs 241% 241% LCR (%) 201% 215% at c.200%, adjusted for €1.0bn expected TLTRO repayments Executive Summary TLTRO (€bn) 5.5 3.5 3.5 1.0 €1.0bn matures in Dec.24 Dec.22 Dec.23 Mar.24 Jun.24 Dec.22 Dec.23
Slide 20: CET1 ratio already meets 2024 target; 30% distribution accrual
7 CET1 ratio already meets 2024 target; 30% distribution accrual for 2024 CET1 trajectory Q2.24 (%) CET1 (%) evolution 2024-2026 (14 Feb.24 disclosure) 14.2% >14.0% ~14.5% ~15.0% 13.3% Executive Summary 1.3% 14.2% 13.3% 13.7% +0.2% 2023 Jun.24 2024 2025 2026 (0.5%) (0.2%) (0.3%) Distribution accrual
Slide 21: First Greek bank to meet final MREL requirement
7 First Greek bank to meet final MREL requirement, a year and a half ahead of target Final MREL requirement MREL position (Dec.25) (30 Jun.24) total MREL ratio • Issuance activity year-to-date incorporates: 28.3% 27.9% • €500mn Tier 2 with 7.25% coupon issued in Jan.24, for new €650mn Green Senior t
Slide 22: Wealth & asset management: increased AuM by 12% in H1
8 Wealth & asset management: increased AuM by 12% in H1, +27% yoy Assets under management (€bn) 10.4 ▪ Upscale Private Banking solutions with 10.0 focus on Advisory & Discretionary 9.3 Portfolio Management ▪ New digitalized client journeys through Executive Summary the Piraeus Bank Mobile App 4.7 4.
Slide 23: snappi is the first Greek neobank with a Euro area full banking license
snappi is the first Greek neobank with a Euro area full banking license Vision for the next 4-5 years ▪ snappi received a Euro area full ▪ Expansion in 3-4 European banking license in June 2024 countries beyond Greece Executive Summary ▪ Commercial launch expected in ▪ Target for ~2.5 million custom
Slide 24: Transformation projects delivered in H1 2024
Transformation projects delivered in H1 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 PHOTO • Future-proofed, advisory-focused, digitally • 61 branches already with new facade, en
Slide 25: 2024-2026 transformation strategic imperatives
2024-2026 transformation strategic imperatives AREA ASPIRATION STRATEGIC IMPERATIVES • Fully establish a Customer Experience Excellence Center Customer Enhance customer • Continuing to revamp branch operations and brand identity Experience satisfaction & excel in NPS • Modernize CRM & origination sy
Slide 26: Strong results in H1.24 drive RoaTBV expectation higher
Strong results in H1.24 drive RoaTBV expectation higher Financial KPIs Q2.24 FY.24 FY.24 H1.24 actual target target actual (14 Feb) (05 Jun) EPS normalized (€) €0.26 €0.47 ~€0.80 ~€0.85 upside RoaTBV normalized (%) 19.1% 17.9% ~14% ~15% > 16% NII / assets (%) 2.7% 2.7% ~2.6% ~2.7% NFI / assets (%) 0
Slide 27: Performance vs Peers
02 Performance vs Peers
Slide 28: Piraeus' return on tangible book among the best in the region
Piraeus’ return on tangible book among the best in the region RoaTBV 1 (%) 19.1%2 17.9% 17.9%2 17.0% 16.5%2 Piraeus Performance Vs Peers ~15%2 13.9% 02 Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 H1.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information. Spanish sample includes Unic
Slide 29: Credit expansion strong, above domestic and regional peer averages
Credit expansion strong, above domestic and regional peer averages Performing loan growth 1 (yoy) 7.9% Piraeus Performance Vs Peers 5.8% ~5% 4.4% 0.2% Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 FY.24e (1.6%) 02 Spain Italy Greek peers Source: SNL Financial Database, Company information Note: 1. Excluding senior
Slide 30: NIM among the best in Southern Europe
NIM among the best in Southern Europe… Net interest income over average assets (bps) 281 271 274 275 ~270 Piraeus Performance Vs Peers 226 192 02 Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 H1.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information 30
Slide 31: Driven by superior deposit betas
…driven by superior deposit betas Deposit betas (%) 17% 16% ~16% Piraeus Performance Vs Peers 14% 14% 14% 14% 02 Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 H1.24 FY.24e Spain Italy Greek peers Source: UBS research, Piraeus Bank 31
Slide 32: 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) 105 Piraeus Performance Vs Peers 93 85 ~80 76 66 58 02 Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 H1.24 FY.24e Spain Italy Greek peers Source: SNL Financial Databa
Slide 33: Cost champion across the region
Cost champion across the region Cost-to-income ratio (%) 48%1 46%1 Piraeus Performance Vs Peers 34%2 <33%2 29%2 28%2 29%2 02 Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 H1.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information Notes: 1) Operating expenses divided by recurring revenu
Slide 34: NPE ratio now close to regional averages
Following a radical reduction, NPE ratio is now close to regional averages… NPE ratio (%) Piraeus Performance Vs Peers 4.2% 3.5% <3.5% 3.3% 3.1% 2.8% 02 Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information 34
Slide 35: Creating space for cost of risk also to decline
…creating space for cost of risk also to decline Cost of risk1 (bps) Piraeus Performance Vs Peers 69 ~70 64 51 46 48 26 02 Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 H1.24 FY.24e Spain Italy Greek peers Source: SNL Financial Database, Company information Note: 1. Provision for customer loan losses as a percent o
Slide 36: Regulatory capital close to domestic peers and at par with regional comparables
Piraeus’ regulatory capital is close to domestic peers and at par with its regional comparables Capital ratios 19.6% 20.2% 19.0% >19.0% 18.5% 17.4% Piraeus Performance Vs Peers FL Regulatory Capital % 16.9% 15.5% 13.7% 14.2% >14.0% FL CET1% 12.9% 02 Q1.24 Q1.24 Q1.24 Q1.24 Q2.24 FY.24e Spain Italy G
Slide 37: Strong organic CET1 accretion is rapidly increasing capital buffers
Strong organic CET1 accretion is rapidly increasing capital buffers Piraeus bank’s total capital ratio evolution (post distribution accruals) 19.0% >19.0% ~19.0% ~19.5% 18.5% Piraeus Performance Vs Peers FL Total Capital % FL CET1% 14.2% ~14.5% ~15.0% 13.7% >14.0% 02 Q1.24 Q2.24 2024 2025 2026 guida
Slide 38: Stock trades below EU bank comps with similar earnings expectations
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 0.66x ~1.06x ~€6.00 1.16x 1.06x Piraeus Performance vs Peers 1.01x ~60% 0.92x €3.78 PB share price Implied PB share price P/TBV 24e P
Slide 39: Financial Analysis
03 Financial Analysis
Slide 40: Strong balance sheet with excess liquidity boosting profitability
Strong balance sheet with excess liquidity boosting profitability Asset mix vs funding mix - Jun.24 ▪ Customer loans comprise 49% of assets amounts in €bn ▪ Fixed income portfolio comprises 20% of assets Total 76.6 76.6 Total ▪ Fixed income holdings of Greek sovereign at €9.9bn, other European sover
Slide 41: Balance sheet evolution pointing to further improvement
Balance sheet evolution pointing to further improvement Balance sheet items Group figures (€bn) Jun.23 Mar.24 Jun.24 Cash & due from banks 11.3 12.7 10.2 Net loans to clients 35.8 36.4 37.6 - Net PE book 34.8 35.7 36.9 - Net NPE book 1.0 0.7 0.7 Material NPE cleanup effort drove net NPE over total n
Slide 42: Performing loan portfolio evolution in Q2
Performing loan portfolio evolution in Q2 Q2.24 performing loan movement (€bn) Mar.24 Disbursements Repayments Other Jun.24 Individuals 7.8 +0.2 -0.2 0.0 7.8 Business 22.2 +2.9 -1.8 +0.1 23.5 Performing loans 30.0 +3.2 -2.0 +0.1 31.3 Yield (quarterly) 6.5% 6.6% Financial Analysis Q2.24 disbursements
Slide 43: Corporate lending growth supported by wide sector diversification
Corporate lending growth supported by wide sector diversification Business performing loan evolution per industry (€bn) PE delta qoq (€bn) +0.7 +0.4 +0.8 -0.1 +1.3 22.3 22.2 23.5 21.1 21.5 3.4 Financial Analysis 3.2 3.3 Wholesale 3.1 3.1 3.5 ongoing support to Greek 3.6 3.2 industry with export orie
Slide 44: Loan portfolio diversification
Loan portfolio diversification Group PE composition (€31.3bn at Jun.24, %) Mortgages 19.6% Retail 24.8% Loan concentration stats (Jun.24) Consumer 5.2% • Concentration of the performing loan Manufacturing 11.2% book to top 20 exposures stands at Wholesale & retail trade 10.8% c.17% Shipping 8.9% Mor
Slide 45: Stabilizing loan yields for performing exposures; deposit costs contained
Stabilizing loan yields for performing exposures; deposit costs remain contained Group Interest income (€mn) Yields (%) Average balances (€bn) Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Customer loans 454 497 511 503 517 4.79% 5.17% 5.30% 5.32% 5.39% 37
Slide 46: Deposits recovering in Q2, up 2% yoy and qoq
Deposits recovering in Q2, up 2% yoy and qoq Customer deposit movement (€bn) Deposit movement by segment (€bn) +0.3 +0.9 59.6 +1.2 59.8 58.4 +1.2 FY.22 FY.23 Q1.24 Q2.24 Jun.24 -1.2 -1.0 delta delta delta delta balance Mass | Farmers +1.9 +0.8 -0.6 -0.1 22.2 Affluent | Private -0.2 +0.5 -0.2 +0.1 18
Slide 47: Q2 operating costs stable yoy and up 3% qoq
Q2 operating costs stable yoy and up 3% qoq Operating costs (€mn) Q2.23 Q1.24 Q2.24 yoy • Staff costs up 2% yoy in Q2.24, Staff costs 97 101 101 4% including increased variable remuneration recurring 94 91 97 2% G&A costs 78 73 73 -7% • G&A costs decreased -7% yoy in Q2.24, on the back of cost effic
Slide 48: Capital position metrics
Capital position metrics Capital ratios | Jun.24 €bn | % Reported Pro forma • Total capital ratio exceeding by c.320bps the 2024 P2G supervisory guidance of 15.83% (TCR 14.58% + P2G 1.25%) CET-1 capital 4.7 4.7 Tier 1 capital 5.3 5.3 • Post 2023 EBA stress test exercise, and based on the P2G bucket
Slide 49: Post meaningful reduction of NPEs, 22% of remaining portfolio in 0dpd
Post meaningful reduction of NPEs, 22% of remaining portfolio in 0dpd NPEs per bucket (€bn as at Jun.24) Remaining NPEs (€bn as at Jun.24) 1.3 Denounced loans, 0 dpd 1-89 dpd >90 dpd NPEs Cash coverage approximately half to be dealt 60% 0.4 with settlements / liquidations Business 0.2 0.0 0.7 0.9 /
Slide 50: NPE movement outlines strong NPE clean-up effort
NPE movement outlines strong NPE clean-up effort, both organic and inorganic Group NPE movement (€mn) Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 NPEs | beginning of period 2,624 2,442 2,049 2,045 1,329 1,303 Redefaults 34 23 19 17 17 14 Defaults 58 193 61 63 68 78 Total inflows 93 216 80 79 84 92 o/w busin
Slide 51: €1.3bn NPE stock, fully covered by collateral and provisions
€1.3bn NPE stock, fully covered by collateral and provisions Group NPE decomposition & coverage (€bn | %) Forborne NPEs (Jun.24) 1.3 106% 1.3 1.3 1.3 FNPE (€bn) 0.3 UTP 0dpd 0.2 0.5 FNPE 0.8 1-90dpd 0.1 Financial Analysis Collateral >90dpd 0.2 Total 0.5 0.9 NPL NPE 0.8 NPE 0.6 Provisions 03 Jun.24 N
Slide 52: Group NPE & NPE coverage ratio
Group NPE & NPE coverage ratio NPE ratio per product category NPE coverage ratio per product 114% Mar.24 106% Mar.24 Jun.24 Jun.24 68% 68% 60% 59% 4.1% 4.5% 4.4% 4.8% 3.5% 3.3% 3.3% 3.0% Financial Analysis 16% 16% Total Business Mortgages Consumer Total Business Mortgages Consumer NPE mix Loan loss
Slide 53: Retail Banking: enhanced profitability through favourable liquidity premium and yields
Retail Banking: enhanced profitability through favourable liquidity premium and yields Performing loans (€bn) Net fee income (€mn) 150 10.0 10.1 10.1 €mn H1.23 H1.24 118 Total net revenues 553 686 2.2 2.2 2.3 SB Financial Analysis Total operating costs (207) (202) 1.6 1.6 1.6 Consumer Pre provision
Slide 54: Corporate & Investment Banking: solid profitability driven by increased volumes
Corporate & Investment Banking: solid profitability driven by increased volumes Performing loans (€bn) Net fee income (€mn) 21.2 20.0 1.4 Leasing/ 111 18.9 factoring 1.4 €mn H1.23 H1.24 1.4 5.8 91 Total net revenues 390 437 SMEs 5.5 Financial Analysis 5.5 Total operating costs (94) (88) 3.0 Shipping
Slide 55: Treasury & Financial Markets: consistent execution of strategy
Treasury & Financial Markets: consistent execution of strategy in fixed income markets Fixed income securities per issuer (€bn) Fixed income securities per category (€bn) Yield 2.2% 2.6% 2.9% 15.1 15.1 14.5 14.5 €0.5bn GR includes 1.0 13.5 2.3 13.5 1.0 1.5 Supras 0.7 €0.7bn GR Other 1.0 Trading 1.3
Slide 56: 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 Launched a bank wide program for AA, AI and GenAI application of transa
Slide 57: Piraeus' ESG blueprint
Piraeus’ ESG blueprint €3.1bn 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 1
Slide 58: 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 59: Annex
04 Annex
Slide 60: Greek economy to continue growing at healthy pace
Greek economy to continue growing at healthy pace 2023 2024 2025 actual estimate estimate GDP 2.0% 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 61: Strong economic momentum with contained inflation, increasing employment and record tourism
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 Q1.24 Headli
Slide 62: Favourable Greek economic profile with sovereign returning to investment grade
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 63: 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 14 December 2023 BBB- BB- Positive BB- Annex 04 06 December 2023 BBB low BB Stable BB Moody’s rating refers to l
Slide 64: Group balance sheet evolution
Group balance sheet evolution Group balance sheet (€mn) Jun.23 Mar.24 Jun.24 qoq yoy Cash & balances with central banks 10,606 11,108 8,755 -21% -17% Loans & advances to banks 726 1,614 1,453 -10% 100% Gross loans 36,925 37,148 38,348 3% 4% (Loans loss reserves) (1,153) (784) (743) -5% -36% Securiti
Slide 65: Group results | quarterly evolution
Group results | quarterly evolution (€mn) Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Net interest income 488 531 537 518 528 Net fee income 141 140 144 145 179 Net trading result 29 (8) 32 (4) 7 Other operating result (including dividend income) 4 (10) 10 (67) 12 Total net revenues 662 653 722 592 726 Total net
Slide 66: Earnings per share calculations
Earnings per share calculations Earnings per share (€) Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 H1.23 H1.24 Outstanding number of shares (#) 1,250,367,223 Core operating profit 62 105 112 180 195 205 297 285 307 314 401 621 AT1 coupon (mn) (13) (13) (13) (13) (13) (13) (13) (13) (
Slide 67: Loan and deposit portfolios
Loan and deposit portfolios Gross loans evolution (€mn) Deposits evolution (€mn) Dec.21 Dec.22 Jun.23 Dec.23 Mar.24 Jun.24 qoq yoy Dec.21 Dec.22 Jun.23 Dec.23 Mar.24 Jun.24 qoq yoy Group 37,018 37,270 36,925 37,395 37,148 38,348 3% 4% Group 55,442 58,372 58,381 59,567 58,591 59,757 2% 2% Senior 6,23
Slide 68: 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 Jun.23 Dec.231,2 Jun.24 Δ yoy Stage 1 19.1 17.6 18.4 19.6 26.5 30.4 30.8 32.3 33.6 9% Stage 2 6.9 5.9 5.0 5.4 5.1 3.8 3.7 3.3 3.0 -18% Stage 3 & POCI 32.3 28.0 25.2 23.0 5.4 3.1 2.5 1.8 1.7 -31% Total
Slide 69: Definitions of APMs
Definitions of APMs1 Common Equity Tier 1 (CET1) regulatory ratio as defined by Regulation (EU) No 575/2013, on a pro forma level, for H1.2023 after subtracting (-) from the denominator the corresponding RWA of the NPE portfolios classified as HFS as at 30 June 2023 and for H1.2024 after a) subtract
Slide 70: Definitions of APMs
Definitions of APMs Net profit normalized is the profit/ (loss) attributable to the equity holders of the parent minus (-) one-off items defined herein, i.e., one-off revenues, expenses, and ECL impairment on loans 20 Net profit, normalized and advances related to NPE securitizations and sales, defi
Slide 71: 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 72: 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 73: 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 74: Piraeus Financial Holdings
M Piraeus Financial Holdings
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