Piraeus Financial Holdings S.A
Piraeus Financial — Q1 2024 Earnings Presentation
74 slides from Piraeus Financial's earnings presentation, Jun 5, 2024
Slide 1: Corporate Presentation June 2024
Corporate Presentation June 2024
Slide 2: Contents
Contents 01 Q1.2024 Highlights 02 Piraeus’ Performance vs Peers 03 Financial Analysis (based on Q1.24 financial data) 04 Annex
Slide 3: Q1.2024 Highlights
Ml °" Q1.2024 Highlights
Slide 4: Piraeus returned to fully privatized status, with a milestone transaction
Piraeus returned to fully privatized status, with a milestone transaction International allocation in the Offering HFSF Offering structure ▪ Fully Marketed Offering of 27% of Piraeus share capital held by the HFSF HF ▪ Total size of transaction amounted to €1.35bn Rest 9% UK Long ▪ Greek public & in
Slide 5: Q1: strong start to the year, with run rate exceeding full year targets
Q1: strong start to the year, with run rate exceeding full year targets 1 €233mn reported net profit Normalized for one-offs, Q1 profit at €279mn; €21c EPS in line with full year 2024 guidance 2 16.5% RoaTBV Q1 RoaTBV at 16.5% against 2024 target of 15% 3 +10% net revenue yoy NII at €518mn, with res
Slide 6: Q1: delivering on our strategy and guidance, paving the way for increasing distribution
Q1: delivering on our strategy and guidance, paving the way for increasing distribution Financial KPIs Q1.23 FY.23 Q1.24 RoaTBV (%) 13.3% 16.6% 16.5% NII / assets (%) 2.4% 2.7% 2.7% NFI / assets (%) 0.7% 0.7% 0.8% Q1.2024 Highlights Cost-to-core income (%) 36% 31% 29% Organic cost of risk (%) 0.8% 0
Slide 7: Normalized profit increased by 37% yoy, TBV per share up 13% yoy
1 2 Normalized profit increased by 37% yoy, TBV per share up 13% yoy Group Figures (€mn) Q1.23 Q4.23 Q1.24 Net interest income 447 537 518 Net fee income 122 144 145 Net trading result 10 32 (4) Other operating result (1) 10 (23) Operating expenses (203) (196) (193) Underlying impairment charges (36
Slide 8: Best quarterly performance for net fees, operating expenses and cost of risk
1 2 Best quarterly performance for net fees, operating expenses and cost of risk Net interest income (€mn) Net fee income (€mn) Performing portfolio Fee income increase, running on attractive 537 518 reaching historic highs; 141 140 144 145 yields, with tight Q1 key drivers funds 122 management of t
Slide 9: NII up 16% yoy, underpinned by loan rates, bond portfolio and low deposit beta
3 NII up 16% yoy, underpinned by loan rates, bond portfolio and low deposit beta Net interest income (€mn) Q1.23 Q4.23 Q1.24 NIM over assets (%) Performing exposures 384 488 485 Bond portfolio incl. IR hedges 93 125 132 2.77% 2.71% Cash at central banks 56 114 108 2.42% Customer deposits (33) (76) (
Slide 10: Loan portfolio yield stable at 6.6% in Q1
3 Loan portfolio yield stable at 6.6% in Q1 Performing loans’ yields ▪ Loan pass-through remains Loan portfolio yields Q3.22 Q4.23 Q1.24 Δ vs Q3.22 PE Mar.24 at the level of ~80% CIB 3.70% 6.71% 6.65% +2.95% €20.0bn ▪ Limited repricing of Mortgages 2.34% 5.03% 5.09% +2.75% €6.2bn unsecured products
Slide 11: Disciplined deposit pricing and lower than budgeted shift to time deposits
3 Disciplined deposit pricing and lower than budgeted shift to time deposits Deposit cost evolution Deposit stock ▪ Time deposit Deposit costs (stock) Q3.22 Q4.23 Q1.24 Mar.24 Mar.24 balances down First demand deposits cost (%) 0.04% 0.06% 0.07% 0.08% €45.3bn €0.6bn from Sep.23 peak Time deposits co
Slide 12: Net fee income up 19% yoy, at new record high
3 Net fee income up 19% yoy, at new record high, benefitting from diversified sources NFI over assets (%) Net fee income (€mn) Q1.23 Q4.23 Q1.24 Financing fees 32 37 38 0.76% Investment fees 23 32 33 0.74% Transaction banking fees 49 54 54 0.66% Q1.2024 Highlights Rental income 17 21 20 Total NFI 12
Slide 13: Strong fee income growth, with contribution from all pillars
3 Strong fee income growth, with contribution from all pillars Net fee income evolution (€mn) NFI over assets outperforming Greek peers (%) CAGR 2020 2021 2022 2023 ‘20-’23 0.74% 0.76% 0.63% Financing 79 115 135 147 23% 0.57% 0.52% 0.53% 0.48% 0.48% 0.51% Investment 66 83 88 106 17% Q1.2024 Highligh
Slide 14: Maintaining discipline in cost efficiency
4 Maintaining discipline in cost efficiency Operating expenses (€mn) Q1.23 Q4.23 Q1.24 Staff costs 94 105 91 -12% yoy, on the back of ongoing cost initiatives G&A costs 83 64 73 qoq reflects timing of tax costs (e.g. property taxes) Depreciation 26 27 29 Total OpEx (recurring) 203 196 193 -5% yoy, o
Slide 15: Asset quality dynamics drive underlying cost of risk to historic low
5 Asset quality dynamics drive underlying cost of risk to historic low 17bps in Q1 NPE balance evolution (€bn) 2.4 2.0 2.0 1.3 1.3 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q1.2024 Highlights Organic CoR 0.8% 1.1% 0.8% 0.6% 0.5% o/w underlying CoR 0.4% 0.8% 0.5% 0.3% 0.2% NPE cover
Slide 16: Q1 PE delta impacted by seasonal prepayments, while disbursements increased
6 Q1 PE delta impacted by seasonal prepayments, while disbursements increased Performing loan movement (€bn) Net PE movement +€1.6bn ▪ “My Home” mortgage program 30.1 +2.1 30.0 disbursements 28.3 +0.1 Q1.2024 Highlights -2.3 amount to c.€80mn in Q1 (cumulative +6% yoy €0.8bn seasonal c.€140mn) prepa
Slide 17: Strong pipeline to follow Q1; reconfirmation of 2024 net credit expansion guidance
6 Strong pipeline to follow Q1; reconfirmation of 2024 €1.6bn net credit expansion guidance Net credit expansion (€bn) +0.8 +0.7 +0.2 -0.2 -0.2 Q1.2024 Highlights Q1.23 Q1.23 Q2.23 Q2.23 Q3.23 Q3.23 Q4.23 Q4.23 FY.23 Q1.24 Total -0.2 +0.8 +0.2 +0.7 -0.2 Individuals -0.1 -0.1 -0.1 0.0 0.0 Businesses
Slide 18: Our diversified deposit structure enables the low deposit beta
6 Our diversified deposit structure enables the low deposit beta Customer deposit breakdown (Mar.24) Mix (%) Average size (€) Accounts Deposits First demand/ First demand/ (#) (€bn) Time Time Mar.23 Mar.24 CIB ~9.9 12% 12% 81k CIB 89k 6% 5% 1.0mn Q1.2024 Highlights Affluent ~18.3 20% 18% 24K Affluen
Slide 19: Superior liquidity profile to be maintained post TLTRO repayments
6 Superior liquidity profile to be maintained post TLTRO repayments Liquidity KPIs 241% at c.200%, adjusted for 220% 241% €3.5bn TLTRO repayments LCR (%) 201% TLTRO (€bn) Q1.2024 Highlights 5.5 5.5 €2.5bn mature in Jun.24 3.5 3.5 €1.0bn matures in Dec.24 Dec.22 Mar.23 Dec.23 Mar.24 01 Dec.22 Mar.23
Slide 20: Capital build-up of 0.8% in Q1; 25% distribution accrual
7 Capital build-up of 0.8% in Q1; 25% distribution accrual CET1 trajectory Q1.24 (%) CET1 (%) evolution 2024-2026 (14 Feb.24 disclosure) 13.7% >14.0% ~14.5% ~15.0% 13.3% Q1.2024 Highlights 0.9% 13.7% 13.3% 2023 Mar.24 2024 2025 2026 11.6% (0.1%) (0.2%) (0.2%) Distribution accruals 10% 25% ~25-30% ~5
Slide 21: Wealth & asset management: increased AuM by 8% in Q1
8 Wealth & asset management: increased AuM by 8% in Q1 Assets under management (€bn) 10.0 9.3 ▪ Upscale Private Banking solutions with focus on Advisory & 4.6 Discretionary Portfolio Management 6.9 4.4 Q1.2024 Highlights ▪ New digitalized client journey Private & through the Piraeus Bank Mobile App
Slide 22: Solid execution in Q1.24 drives new guidance for 2024
Solid execution in Q1.24 drives new guidance for 2024 Financial KPIs Q1.24 FY.24 FY.24 actual estimate estimate (14 Feb) (05 June) EPS normalized (€) €0.21 ~€0.80 ~€0.85 RoaTBV normalized (%) 16.5% ~14% ~15% NII / assets (%) 2.7% ~2.6% ~2.7% NFI / assets (%) 0.8% ~0.7% ~0.8% Q1.2024 Highlights Cost-
Slide 23: Piraeus Bank: the leading bank in Greece
Piraeus Bank: the leading bank in Greece #1 in performing loans (25%) and deposits (28%) in Greece #1 in bancassurance (29%), brokerage (33%), leasing (29%) Q1.2024 Highlights 6mn client base, ~65% of bankable population in Greece €2.9bn sustainable loans; Piraeus among EU Climate leaders for the 4t
Slide 24: Piraeus' Performance vs Peers
02 Piraeus’ Performance vs Peers
Slide 25: Piraeus' return on tangible book among the best in the region
Piraeus’ return on tangible book among the best in the region RoaTBV 1 (%) 17.2% 16.7% 16.6% 2 16.5%(2) Piraeus Performance Vs Peers 14.2% 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus Source: SNL Financial Database, Company information. Spanish sample includes Unicaja, Sabadel, S
Slide 26: Credit expansion above peer averages
Credit expansion above peer averages Performing loan growth 1 (yoy) 5.8% 5.2% 4.5% Piraeus Performance Vs Peers (1.1%) (1.5%) 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus Source: SNL Financial Database, Company information Note: 1. Excluding senior notes from HAPS scheme and refe
Slide 27: NIM among the best in Greece and Southern Europe
NIM among the best in Greece and Southern Europe… Net interest income over average assets (bps) 271 265 265 Piraeus Performance Vs Peers 209 182 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus Source: SNL Financial Database, Company information 27
Slide 28: Driven by superior deposit betas
…driven by superior deposit betas Deposit betas (%) 15%1 15% Piraeus Performance Vs Peers 14% 12% 11% 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus Source: UBS research, Piraeus Bank Note: 1. Italy average includes Intesa Sanpaolo, Banco BPM, BPER and Unicredit 28
Slide 29: 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) 94 Piraeus Performance Vs Peers 74 76 64 57 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus Source: SNL Financial Database, Company i
Slide 30: Cost champion across the region
Cost champion across the region Cost-to-income ratio (%) 52%1 47%1 Piraeus Performance Vs Peers 36%2 31%2 29%2 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus Source: SNL Financial Database, Company information Notes 1. Operating expenses divided by recurring revenue 2. Operating ex
Slide 31: 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 4.4% 3.5% 3.5% 3.1% 2.6% 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus Source: SNL Financial Database, Company information 31
Slide 32: Cost of risk also declining, as evident in Q1.24
…creating space for cost of risk also to decline, as evident in Q1.24 Cost of risk1 (bps) Piraeus Performance Vs Peers 83 76 68 51 34 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus Source: SNL Financial Database, Company information Note: 1. Provision for customer loan losses as a
Slide 33: 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 20.4% 19.2% 18.2% 18.5% 17.1% FL Piraeus Performance Vs Peers Regulatory Capital % 16.9% 15.4% FL CET1% 13.0% 13.3% 13.7% 02 FY.23 FY.23 FY.23 FY.23 Q1.24 Spain Italy Greek peers Piraeus So
Slide 34: 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% ~19.5% 18.2% 18.5% Piraeus Performance Vs Peers FL Total Capital % ~14.5% ~15.0% FL CET1% 13.3% 13.7% >14.0% 02 FY.23 Q1.24 2024 guidance 2025 g
Slide 35: Piraeus' stock trades below its 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 0.72x ~1.09x 1.14x ~€6.00 1.09x Piraeus Performance Vs Peers ~50% 0.97x 0.88x €3.98 02 PB share price Implied PB share price P/TBV 24
Slide 36: Financial Analysis
Ml 03 _: , Financial Analysis
Slide 37: Strong balance sheet with excess liquidity boosting profitability
Strong balance sheet with excess liquidity boosting profitability Asset mix vs funding mix - Mar.24 ▪ Customer loans comprise 47% of assets amounts in €bn ▪ Fixed income portfolio comprises 19% of assets Total 77.3 77.3 Total 3.5 ▪ Fixed income holdings of Greek sovereign at €10.1bn, other European
Slide 38: Balance sheet evolution pointing to further improvement
Balance sheet evolution pointing to further improvement Balance sheet items Group figures (€bn) Mar.23 Dec.23 Mar.24 Cash & due from banks 10.5 11.6 12.7 Net loans to clients 35.4 36.6 36.4 - Net PE book 34.2 35.9 35.7 - Net NPE book 1.2 0.7 0.7 Material NPE cleanup effort drove net NPE over total n
Slide 39: Solid credit expansion supported by leading position in business lending
Solid credit expansion supported by leading position in business lending Performing exposures evolution, (€bn) Performing loans yields, % 3.5% 3.3% 3.3% 3.6% 4.0% 6.2% 6.6% CAGR 2018-Mar.24 Financial Analysis 4% Consumer loans & credit cards 30.1 30.0 (4%) 28.6 CAGR ’18-Mar.24 1.6 1.6 25.6 26.0 1.6
Slide 40: Performing loan portfolio evolution
Performing loan portfolio evolution Q1.24 performing loan movement (€bn) Dec.23 Disbursements Repayments Other Mar.24 Individuals 7.8 +0.2 -0.2 0.0 7.8 Business 22.3 +1.9 -2.1 +0.1 22.2 Performing loans 30.1 +2.1 -2.3 +0.1 30.0 Yield (quarterly) 6.6% 6.6% Financial Analysis Q1.24 disbursements (€bn)
Slide 41: Stabilizing loan yields for performing exposures; deposit costs remain contained
Stabilizing loan yields for performing exposures; deposit costs remain contained Group Interest income (€mn) Yields (%) Average balances (€bn) Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Customer loans 411 454 497 511 503 4.33% 4.79% 5.17% 5.30% 5.32% 37
Slide 42: Loan portfolio diversification
Loan portfolio diversification Domestic PE composition (€30.0bn at Mar.24, %) Mortgages 21.2% Retail 26.7% Loan concentration stats (Mar.24) Consumer 5.5% ▪ Concentration of the performing loan Wholesale & retail trade 11.1% book to top 20 exposures stands at Manufacturing 10.8% c.17% Hospitality 9.
Slide 43: Deposits up 2% yoy and down 2% qoq, impacted by seasonality
Deposits up 2% yoy and down 2% qoq, impacted by seasonality Customer deposit movement (€bn) Deposit movement by segment (€bn) 58.4 +1.2 +0.3 +0.9 59.6 58.6 -1.2 -1.0 FY.22 FY.23 Q1.24 Mar.24 delta delta delta balance Mass | Farmers +1.9 +0.8 -0.6 22.3 Financial Analysis Affluent | Private banking -0
Slide 44: Diversified sources of fee income growth
Diversified sources of fee income growth Net fee income (€mn) Q1.23 Q4.23 Q1.24 yoy ▪ Net fee income in Q1.24 posted a new historic high Financing Loans 21 21 21 0% Letters of Guarantee 11 13 12 11% ▪ Fees stemming mainly from: Investment Banking 0 3 5 >100% • Funds Transfer | €26mn Investment Banca
Slide 45: Q1 operating costs at -5% yoy and -2% qoq
Q1 operating costs at -5% yoy and -2% qoq Operating costs (€mn) Q1.23 Q4.23 Q1.24 yoy ▪ Staff costs down -2% yoy in Q1.24, on the Staff costs 97 168 101 4% back of continued FTE optimization recurring 94 105 91 -2% G&A costs 83 64 73 -12% ▪ G&A costs decreased -12% yoy in Q1.24, on the back of cost
Slide 46: Capital position metrics
Capital position metrics Capital ratios | Mar.24 • Total capital ratio exceeding by c.270bps the 2024 P2G €bn | % Reported Pro forma supervisory guidance of 15.83% (TCR 14.58% + P2G 1.25%) CET-1 capital 4.5 4.5 • Post 2023 EBA stress test exercise, and based on the P2G bucket Tier 1 capital 5.1 5.1
Slide 47: MREL requirements and position
MREL requirements and position Interim MREL guidance MREL position (Jan.25) (31 Mar.24) proforma for the new €500mn 26.0% Senior Preferred bond 24.9% 1.5% new €500mn Senior ▪ Issuance activity year-to-date incorporates a €500mn Preferred bond (Apr.24) Tier 2 with 7.25% coupon issued in Jan.24, for t
Slide 48: Post meaningful reduction of NPEs, c.26% of remaining portfolio in 0dpd
Post meaningful reduction of NPEs, c.26% of remaining portfolio in 0dpd NPEs per bucket (€bn as at Mar.24) Remaining NPEs (€bn as at Mar.24) 1.3 0 dpd 1-89 dpd >90 dpd NPEs Denounced loans, approximately Cash coverage 61% 0.4 half to be dealt with settlements / Business 0.2 0.1 0.7 1.0 liquidations
Slide 49: 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 NPEs | beginning of period 2,624 2,442 2,049 2,045 1,329 Redefaults 34 23 19 17 17 Defaults 58 193 61 63 68 Total inflows 93 216 80 79 84 o/w business 22 152 17 23 36 F
Slide 50: €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 (Mar.24) 108% 1.3 1.3 1.3 1.3 FNPE (€bn) 0.4 0dpd 0.3 UTP 0.6 FNPE 1-90dpd 0.1 Financial Analysis 0.8 Collateral >90dpd 0.2 Total 0.6 NPL 0.9 NPE Provisions 0.7 NPE 0.6 03 Mar.24 N
Slide 51: Group NPE & NPE coverage ratio
Group NPE & NPE coverage ratio NPE ratio per product category NPE coverage ratio per product Dec.23 Mar.24 Dec.23 Mar.24 118% 114% 4.4% 3.9% 4.1% 4.0% 69% 68% 3.5% 3.5% 3.3% 3.3% 62% 60% Financial Analysis 17% 16% Total Business Mortgages Consumer Total Business Mortgages Consumer NPE mix Loan loss
Slide 52: Retail Banking: enhanced profitability through yields
Retail Banking: enhanced profitability through yields Performing loans (€bn) Net fee income (€mn) 65 €mn Q1.23 Q1.24 10.0 10.1 10.0 57 Total net revenues 257 330 2.0 2.3 2.2 SB Total operating costs (102) (98) Pre provision income 155 232 Financial Analysis 1.6 1.6 1.6 Consumer Impairments 1 (4) Pre
Slide 53: Corporate & Investment Banking: solid profitability
Corporate & Investment Banking: solid profitability driven by increased volumes and yields Performing loans (€bn) Net fee income (€mn) 20.1 20.0 Leasing / €mn Q1.23 Q1.24 18.4 1.5 1.4 factoring 1.4 50 Total net revenues 188 211 5.6 5.4 SMEs 42 Total operating costs (46) (44) 5.3 Pre provision income
Slide 54: 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) 14.5 14.5 13.6 13.6 1.0 o/w €0.5bn 1.5 GGBs & T-bills 12.8 12.8 0.6 1.5 Other 1.0 Trading 0.8 €mn Q1.23 Q1.24 2.8 Total net reven
Slide 55: 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 … Advanced analytics Launched a bank wide program for AA, AI and GenAI application 99% of transa
Slide 56: Piraeus' ESG blueprint
Piraeus’ ESG blueprint #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 & 2 3rd party verification of reporting Science Based targets validation Sustainability reporting
Slide 57: Corporate Social Responsibility | EQUALL programme
Corporate Social 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
Slide 58: Annex
Ml 04 Annex
Slide 59: Greek economy to continue growing at healthy pace
Greek economy to continue growing at healthy pace 2 2023 2024 2025 actual estimate estimate GDP 2% ~2% ~2% ▪ Greek GDP growth >2x EU average ▪ Strong foundations for sustainable growth Unemployment 11% ~11% ~10% ▪ Tourism, FDI & consumption drive growth Inflation 3% ~2% ~2% Annex ▪ Investment grade
Slide 60: Strong economic momentum with contained inflation
Strong economic momentum with contained inflation, increasing employment and significant foreign investment Rapid post-pandemic recovery and resilient GDP …with moderated headline inflation on the back of a expected to grow at higher levels compared to the EU… massive energy inflation decline 14.0 2
Slide 61: Favourable Greek economic profile with sovereign at investment grade
Favourable Greek economic profile with the sovereign returning to investment grade status and RRF contribution Solid FDI flows reflecting strong potential in Greek sovereign upgraded to investment grade by S&P, Fitch & DBRS; reflecting key sectors effectiveness of fiscal discipline and reforms in ac
Slide 62: Credit ratings
Credit ratings Greek sovereign Piraeus Bank Piraeus Bank Piraeus Bank Credit rating Long term Outlook Senior preferred 19 September 2023 Ba1 Ba1 Positive Ba2 14 December 2023 BBB- BB- Positive BB- 14 December 2023 BBB- BB- Positive BB- Annex 04 06 December 2023 BBB low BB Stable BB Moody’s rating re
Slide 63: Publicly-placed outstanding debt issuance
Publicly-placed outstanding debt issuance €400mn 9.75% €500mn 5.50% €500mn 3.875% €350mn 8.25% €500mn 7.25% €500mn 6.75% €500mn 7.250% €500mn 5.00% €600mn 8.75% 10NC5 T2 Notes 10NC5 T2 Notes 6NC5 SP Green Notes 5NC4 SP Notes 5NC4 SP Notes 6NC5 SP Notes 10.25NC5.25 Tier 2 6NC5 SP Notes PerpNC5.5 AT1
Slide 64: Group balance sheet evolution
Group balance sheet evolution Group balance sheet (€mn) Mar.23 Dec.23 Mar.24 qoq yoy Cash & balances with central banks 9,576 10,567 11,108 5% 16% Loans & advances to banks 953 1,034 1,614 56% 69% Gross loans 36,761 38,346 37,148 -3% 1% (Loans loss reserves) (1,349) (819) (784) -4% -42% Securities/d
Slide 65: Group results | quarterly evolution
Group results | quarterly evolution (€mn) Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Net interest income 447 488 531 537 518 Net fee income 122 141 140 144 145 Net trading result 10 29 (8) 32 (4) Other operating result (including dividend income) (1) 4 (10) 10 (67) Total net revenues 577 662 653 722 592 Total ne
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 Outstanding number of shares (#) 1,250,367,223 Core operating profit 62 105 112 180 195 205 297 285 307 AT1 coupon (mn) (13) (13) (13) (13) (13) (13) (13) (13) (13) Core operating profit adju
Slide 67: Loan and deposit portfolios
Loan and deposit portfolios Gross loans evolution (€mn) Deposits evolution (€mn) Dec.21 Dec.22 Mar.23 Dec.23 Mar.24 qoq yoy Dec.21 Dec.22 Mar.23 Dec.23 Mar.24 qoq yoy Group 37,018 37,270 36,761 37,395 37,148 -1% 1% Group 55,442 58,372 57,174 59,567 58,591 -2% 2% Senior notes 6,236 6,074 6,034 5,984
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 Mar.23 Dec.231,2 Mar.24 Δ yoy Stage 1 19.1 17.6 18.4 19.6 26.5 30.4 30.1 32.3 32.1 7% Stage 2 6.9 5.9 5.0 5.4 5.1 3.8 3.8 3.3 3.3 -13% Stage 3 & POCI 32.3 28.0 25.2 23.0 5.4 3.1 2.9 1.8 1.7 -39% 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, as at March 2024 for the RWA relief underpinned mainly from the expected 1 CET1 capital ratio FL, pro forma derecognition of the NPE portfolios Monza, Delta and Solar. 2
Slide 70: Definitions of APMs
Definitions of APMs 22 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 Parliament. The standard requires a 23 Net stable funding ratio (NSFR) minimum amount of fundin
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 (+) institutional 1 Assets under management (AuM) 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
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