Piraeus Bank S.A. (ATHEX: TPEIR) (OTCQX: BPIRY) (OTCQX: BPIRF) Q1 2026 highlights
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Strong loan expansion and client assets growth
- Loans at €38.6bn, with €1.3bn net credit expansion in Q1, supported by all business lending segments
- Mortgage lending recovery continues, with €30mn net credit expansion in Q1; €185mn mortgage disbursements, up 95% yoy
- Client deposits shaped at €64.9bn, +6% yoy
- Client assets under management (AuM) up by 17% yoy, at €14.7bn, with €0.5bn net inflows in Q1
Sustainable profits and shareholder returns
- Solid profitability of €281mn, which translates to 15% normalized return on tangible book value, in line with 2026 target of c.15%
- €0.21 earnings per share, on track to meet the €90c full year EPS target
- Tangible book value per share at €6.11, +3% qoq; combined with dividends paid, shareholder value creation +6.5% yoy
- Core revenues at €692mn, +8% yoy, with strong loan volume and fee growth offsetting lower rates and spreads
- Revenues from services rose to €210mn, at 32% yoy; revenues over assets at market leading 0.94%
- Cost-to-income ratio at 37%, confirming cost discipline despite temporary impact from trading book volatility
- Cash distribution of €494mn out of 2025 net profits approved at the AGM, planned to be paid to Piraeus shareholders on 15 Jun.26, subject to regulatory consent
Balance sheet management to sustain growth and low risk profile
- Controlled organic cost of risk at 32bps
- NPE ratio at 2.1% vs. 2.6% a year ago and NPE coverage at 70% vs. 64%, respectively
- Optimizing loan-to-deposit ratio to 68% through market leading credit growth
- Solid liquidity coverage ratio at 191%, with unutilized capacity to improve further
Capital ratios with comfortable buffers
- CET1 ratio at 12.6% absorbing robust loan growth, the 57% distribution accrual for 2026, and accelerated DTC amortization; total capital ratio at 18.5% with c.260bps buffer, above 2026 overall capital requirement including P2G
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