Piraeus Bank S.A.: Nine Month 2026 Financial Results

Barchart · 1d ago

Piraeus Bank S.A. (ATHEX: TPEIR) (OTCQX: BPIRY) (OTCQX: BPIRF) Q3 and 9M 2026 highlights

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Broad-based growth in lending and client assets

  • Loans reached €39.6bn, following €2.2bn net credit expansion in 9M, keeping Piraeus on track to meet its 2026 target of more than €3bn
  • Mortgage recovery continues, with €135mn net increase in 9M and €0.6bn disbursements, +37% yoy
  • Strong growth in client deposits +9% yoy, to €69.2bn, at 0.39% total cost
  • Client AuMs +19% yoy at €16.9bn, with €1.3bn net inflows in 9M, exceeding 2026 target
  • Ethniki Insurance generated gross written premiums (GWP) of €666mn in 9M, an increase of 4% yoy

Sustainable profitability and shareholder returns

  • Record core operating profit of €930mn in 9M 2026, up 14% yoy; Q3 core operating profit increased 10% yoy to €301mn
  • Net profit €893mn, up 9% yoy; strong core operating performance was partly offset by the impact of market volatility on non-core revenues
  • €0.68 earnings per share in 9M, +10% yoy, on track to meet the c.€0.9 full year EPS target
  • Normalized return on tangible book value reached 15.4%, in line with the 2026 target of c.15%
  • Net interest income accelerated to €542mn in Q3, +7% qoq, mainly driven by rates and spread discipline; 9M net interest margin of 2.2%, in line with 2026 target
  • Revenues from services reached €679mn in 9M, up 39% yoy, with Ethniki Insurance leading the acceleration
  • Best-in-class operating efficiency, with 33% cost-to-income ratio in 9M, and 32% in Q3
  • Interim dividend of c.€124mn out of 2026 net profit to be paid to Piraeus shareholders in Dec.26, subject to supervisory approval; €650mn cash distribution accrued out of 2026 profits

Balance sheet strength supports growth, maintaining a low-risk profile

  • NPE ratio down to 2.0% from 2.2% a quarter ago, driven by portfolio sales
  • Controlled organic cost of risk at 57bps, in line with 2026 updated target of 60bps
  • Loan-to-deposit ratio at 65% supporting growth ambitions
  • Superior liquidity coverage ratio at 212%, with ample liquidity headroom

Capital ratios with comfortable buffers

  • CET1 ratio at 12.9%, on track to full year 2026 target of >13%
  • Total capital ratio at 18.6% with c.260bps buffer, above 2026 overall capital requirement including P2G

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