Piraeus Bank S.A. (ATHEX: TPEIR) (OTCQX: BPIRY) (OTCQX: BPIRF) Q2 and H1 2026 highlights

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Strong loan expansion and client assets growth

  • Loans at €39.0bn, with €1.8bn net credit expansion in H1, supported by all business lending segments

  • Mortgage recovery continues, with €100mn net increase in H1 and new loans up 65% yoy

  • Client deposits shaped at €68.4bn, +9% yoy

  • Client assets under management (AuM) up by 24% yoy, at €16.3bn, with €1.0bn net inflows in H1, already at full year target

  • Ethniki Insurance gross written premia (GWP) production at €424mn in H1, 7% higher yoy

Sustainable profits and shareholder return

  • Record profitability of €617mn, corresponding to 16% return on tangible book value, compared to 2026 target of c.15%; net profit in Q2 reached €336mn, +22% yoy

  • €0.47 earnings per share, on track to meet the €90c full year EPS target

  • Tangible book value per share at €6.3, +7% yoy

  • Net interest income at €509mn in Q2, +6% qoq, driven by strong volume growth; H1 performance and current market dynamics, support 2026 NII target upgrade to €2.0bn

  • Revenues from services rose to €251mn in Q2, with Ethniki Insurance leading the acceleration

  • Best-in-class operating efficiency, with 34% cost-to-income ratio in H1, while investing for growth

  • Cash distribution of €494mn out of 2025 net profit to be paid to Piraeus shareholders on 7 Aug. 26

Balance sheet management to sustain growth and low risk profile

  • Controlled organic cost of risk at 45bps

  • NPE ratio at 2.2% vs. 2.6% a year ago and NPE coverage at 67%, flat yoy

  • Loan-to-deposit ratio at 65% supporting growth ambitions

  • Superior liquidity coverage ratio at 207%, with further upside from unused capacity

Capital ratios with comfortable buffers

  • CET1 ratio at 12.8%, +20bps qoq driven by strong organic capital generation, on track to surpass FY target of ~ 13%

  • Total capital ratio at 18.6% with c.260bps buffer, above 2026 overall capital requirement including P2G

 

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