Piraeus Bank S.A. (ATHEX: TPEIR) (OTCQX: BPIRY) (OTCQX: BPIRF):
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FY.25: 16% RoaTBV, Ethniki Insurance acquisition completed, payout ratio increased to 55%
- €1.2bn normalized profit | €1.1bn on a reported basis, as guided; beat on revenues, with strong finish in Q4
- €0.82 EPS after AT1 coupon | Exceeding guidance of €0.80 for the year, fully absorbing the fast decumulation of base rates
- €40c per share cash dividend | On top of €100mn share buyback executed in Q4; €592mn total distribution out of 2025, 7% total yield
- €3.9bn net credit expansion | Europe-leading +11% loan growth yoy, with pricing discipline maintained; €0.3bn net credit expansion in retail
- 33% cost-to-core income ratio | Best-in-class efficiency ratio confirming cost discipline, despite inflation and ongoing investments
- €0.7bn revenues from services | Best-in-class in Greece; 0.82% fees over assets, 26% revenues from services out of total revenues
- €2.7bn net revenues | Revenues from services up 7%; NII up qoq, marking prior quarter as the trough
- 52bps organic CoR | NPE ratio at 2.0%, NPE coverage at 73% vs 65% a year ago
- +27% AuM yoy | €14.5bn AuM; €1.5bn net inflows in 2025; deposits at €66bn, up €3.2bn, +5% yoy, funding 90% of credit expansion
- 18.7% total capital ratio | Buffer of c.275bps above P2G, CET1 ratio at 12.7%; MREL at 29.0% with c.165bps buffer above requirement
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