Piraeus FY 2024 Earnings & Business Plan 2025-2028
Piraeus Financial Holdings (BPIRY) reported strong financial results for FY2024, achieving a record net profit of €1.1bn, up 38% year-over-year, with earnings per share of €0.81. Net revenues reached €2.8bn, increasing 7% in 2024, with fees growing 16% year-over-year.
The bank demonstrated robust performance with a 17.5% normalized return on tangible book value and maintained strong capital ratios with a CET1 ratio of 14.7%. Performing loans grew 12% to €34bn, while deposits increased 6% to €63bn. The bank's NPE ratio improved to 2.6% from 3.5% year ago.
Looking ahead, Piraeus unveiled its Business Plan 2025-2028, targeting loan growth of ~8% per annum and sustainable reported profitability of ~€1.1bn annually until 2027, reaching €1.3bn in 2028. The bank plans €2bn in shareholder distributions over the four-year period and will invest €200mn in AI initiatives.
Piraeus Financial Holdings (BPIRY) ha riportato risultati finanziari solidi per l'anno fiscale 2024, raggiungendo un utile netto record di €1,1 miliardi, in aumento del 38% rispetto all'anno precedente, con un utile per azione di €0,81. I ricavi netti hanno toccato €2,8 miliardi, con un incremento del 7% nel 2024, e le commissioni sono cresciute del 16% anno su anno.
La banca ha dimostrato una performance robusta con un ritorno normalizzato sul valore contabile tangibile del 17,5% e ha mantenuto forti rapporti di capitale con un rapporto CET1 del 14,7%. I prestiti performing sono aumentati del 12% a €34 miliardi, mentre i depositi sono cresciuti del 6% a €63 miliardi. Il rapporto NPE della banca è migliorato al 2,6% rispetto al 3,5% di un anno fa.
Guardando al futuro, Piraeus ha svelato il suo Piano Aziendale 2025-2028, puntando a una crescita dei prestiti di circa l'8% all'anno e a una redditività sostenibile riportata di circa €1,1 miliardi all'anno fino al 2027, raggiungendo €1,3 miliardi nel 2028. La banca prevede distribuzioni per azionisti di €2 miliardi nel periodo di quattro anni e investirà €200 milioni in iniziative di intelligenza artificiale.
Piraeus Financial Holdings (BPIRY) reportó resultados financieros sólidos para el año fiscal 2024, logrando un beneficio neto récord de €1.1 mil millones, un aumento del 38% interanual, con ganancias por acción de €0.81. Los ingresos netos alcanzaron €2.8 mil millones, aumentando un 7% en 2024, con comisiones creciendo un 16% interanual.
El banco demostró un rendimiento robusto con un retorno normalizado sobre el valor contable tangible del 17.5% y mantuvo fuertes ratios de capital con un ratio CET1 del 14.7%. Los préstamos en rendimiento crecieron un 12% a €34 mil millones, mientras que los depósitos aumentaron un 6% a €63 mil millones. La relación NPE del banco mejoró al 2.6% desde el 3.5% del año pasado.
De cara al futuro, Piraeus presentó su Plan de Negocios 2025-2028, con un objetivo de crecimiento de préstamos de aproximadamente el 8% anual y una rentabilidad sostenible reportada de aproximadamente €1.1 mil millones anuales hasta 2027, alcanzando €1.3 mil millones en 2028. El banco planea distribuciones a accionistas de €2 mil millones durante el período de cuatro años e invertirá €200 millones en iniciativas de inteligencia artificial.
피레우스 파이낸셜 홀딩스 (BPIRY)는 2024 회계연도에 강력한 재무 결과를 보고하며 11억 유로의 기록적인 순이익을 달성하였고, 이는 전년 대비 38% 증가한 수치입니다. 주당 수익은 €0.81입니다. 순수익은 28억 유로에 달하며, 2024년에 7% 증가하였고, 수수료는 전년 대비 16% 성장했습니다.
은행은 17.5%의 정상화된 유동 자산 대비 수익률을 기록하며 강력한 자본 비율을 유지하였고, CET1 비율은 14.7%입니다. 수행 중인 대출은 12% 증가하여 €340억에 달하며, 예금은 6% 증가하여 €630억에 이릅니다. 은행의 NPE 비율은 1년 전의 3.5%에서 2.6%로 개선되었습니다.
앞으로 피레우스는 2025-2028 사업 계획을 공개하며, 연평균 약 8%의 대출 성장을 목표로 하고 있으며, 2027년까지 연간 약 11억 유로의 지속 가능한 수익성을 목표로 하며, 2028년에는 13억 유로에 도달할 것입니다. 은행은 4년 동안 주주 배당금으로 20억 유로를 계획하고 있으며, 인공지능 이니셔티브에 2억 유로를 투자할 것입니다.
Piraeus Financial Holdings (BPIRY) a annoncé de solides résultats financiers pour l'exercice 2024, atteignant un bénéfice net record de 1,1 milliard d'euros, en hausse de 38 % par rapport à l'année précédente, avec un bénéfice par action de 0,81 €. Les revenus nets ont atteint 2,8 milliards d'euros, augmentant de 7 % en 2024, avec des frais en hausse de 16 % d'une année sur l'autre.
La banque a montré une performance robuste avec un rendement normalisé sur la valeur comptable tangible de 17,5 % et a maintenu de solides ratios de capital avec un ratio CET1 de 14,7 %. Les prêts performants ont augmenté de 12 % pour atteindre 34 milliards d'euros, tandis que les dépôts ont augmenté de 6 % pour atteindre 63 milliards d'euros. Le ratio NPE de la banque s'est amélioré à 2,6 % contre 3,5 % l'année dernière.
En regardant vers l'avenir, Piraeus a dévoilé son Plan d'Affaires 2025-2028, visant une croissance des prêts d'environ 8 % par an et une rentabilité rapportée durable d'environ 1,1 milliard d'euros par an jusqu'en 2027, atteignant 1,3 milliard d'euros en 2028. La banque prévoit des distributions aux actionnaires de 2 milliards d'euros sur une période de quatre ans et investira 200 millions d'euros dans des initiatives d'IA.
Piraeus Financial Holdings (BPIRY) hat für das Geschäftsjahr 2024 starke finanzielle Ergebnisse gemeldet und einen Rekordnettogewinn von 1,1 Milliarden Euro erzielt, was einem Anstieg von 38% im Vergleich zum Vorjahr entspricht, mit einem Gewinn pro Aktie von 0,81 Euro. Die Nettoumsätze erreichten 2,8 Milliarden Euro, was einem Anstieg von 7% im Jahr 2024 entspricht, während die Gebühren um 16% im Jahresvergleich wuchsen.
Die Bank zeigte eine robuste Leistung mit einer normalisierten Rendite auf das greifbare Eigenkapital von 17,5% und hielt starke Kapitalquoten mit einer CET1-Quote von 14,7%. Die performenden Kredite stiegen um 12% auf 34 Milliarden Euro, während die Einlagen um 6% auf 63 Milliarden Euro zunahmen. Die NPE-Quote der Bank verbesserte sich von 3,5% auf 2,6% im Vergleich zum Vorjahr.
Für die Zukunft stellte Piraeus seinen Geschäftsplan 2025-2028 vor, der ein jährliches Kreditwachstum von etwa 8% und eine nachhaltige berichtete Rentabilität von etwa 1,1 Milliarden Euro jährlich bis 2027 anstrebt, mit einem Ziel von 1,3 Milliarden Euro im Jahr 2028. Die Bank plant Ausschüttungen an die Aktionäre in Höhe von 2 Milliarden Euro über den Zeitraum von vier Jahren und wird 200 Millionen Euro in KI-Initiativen investieren.
- Record net profit of €1.1bn (+38% YoY)
- Net revenues up 7% to €2.8bn
- Strong loan growth of 12% YoY to €34bn
- Deposits increased 6% YoY to €63bn
- NPE ratio improved to 2.6% from 3.5%
- Best-in-Europe operating efficiency with 30% cost-to-core-income ratio
- €373mn cash dividend planned
- Operating expenses increased 4% YoY
- Household lending remained at breakeven in 2024
Record profitability |
Best-in-class operating efficiency |
|||
normalized return
|
|
cost-to-core income |
||
earnings per share |
|
+ |
fees over assets |
|
Capital generation |
|
Solid asset quality |
||
|
+176bps
|
|
|
|
|
|
|
||
Performing book expansion |
|
Client assets under management |
||
Dec.24 |
+ |
|
Dec.24 |
+ YoY |
Full Year 2024 highlights
Solid profits and returns
-
Record net profit of
€1.1b n, corresponding to€0.81 earnings per share, up38% yoy -
High return of
17.5% normalized RoaTBV, on par with best in the region;15.0% reported RoaTBV including one-offs; tangible book value per share increased to€5.78 , up13% yoy -
Net revenues at
€2.8b n, up by7% in 2024; fees grew 4x vs net interest income, rising by16% yoy vs +4% yoy of NII, benefiting from strong growth of client balances -
Best-in-class fees over net revenue in
Greece , standing at23% , up by 2 percentage points yoy -
Pro forma CET1 ratio stood at
14.7% and total capital ratio at19.9% , both including35% distribution accrual; MREL ratio reached29.2% in Dec.24; Piraeus Pillar 2 Requirement was reduced by the ECB to2.90% from3.00% for 2025
Best in class operating efficiency and balance sheet management
-
Best-in-
Europe operating efficiency, with30% cost-to-core-income ratio and recurring operating expenses of€0.8b n, up4% yoy. The increase was driven by performance-based staff costs and IT investment, maintaining cost discipline despite inflation -
Strong balance sheet, with best-in-class NPE ratio at
2.6% vs.3.5% a year ago and prudent NPE coverage at65% , up 3 percentage points yoy. Organic cost of risk hit a historic low level, standing at 46bps, down from 83bps in 2023. Excluding NPE servicing fees and synthetic securitization costs, underlying cost of risk landed at record low 21bps, down from 48bps in 2023
Outstanding loan book and client assets growth
-
Performing loans at
€34b n, up12% yoy with€3.6b n growth in 2024; household lending was at breakeven in 2024, while lending to small businesses increased by c.€200m n; Piraeus RRF related loans stand at€1.3b n at year-end 2024 -
Superior liquidity profile with
€63b n deposits (+6% yoy) and liquidity coverage ratio at219% -
Client assets under management (AuM) increased by
23% yoy, at€11.4b n, driven by mutual funds (+37% yoy), as well as institutional mandates and private banking inflows
Sustainable financing and digital transformation
-
Our sustainable finance envelope stands at
€3.8b n;€1.4b n new sustainable financings originated in 2024 - Our transformation journey continues with 217 branches already converted to our New Branch Model
-
Piraeus is the 1st Greek Bank to launch an AI roadmap with
€200m n investments planned for AI in the next 3 years - Piraeus’ scoring by Carbon Disclosure Project (CDP) was upgraded to A- for Climate
New Business Plan 2025 – 2028
2028 vision: #1 financial services group in
Following a record performance year and having completed the transformation of the Bank, Piraeus is now well positioned for strong, consistent growth over the coming four years
Financial KPIs |
2024
|
|
2025
|
|
2026
|
|
2027
|
|
2028
|
|
Assumption for euribor 3m (avg) |
|
|
~ |
|
~ |
|
~ |
|
~ |
|
|
|
|
|
|
|
|
|
|
||
Net profit (€bn) |
|
|
~ |
|
~ |
|
> |
|
~ |
|
Earnings per share (€) |
|
|
~ |
|
~ |
|
~ |
|
~ |
|
Performing loans (€bn) |
|
|
~36 |
|
~39 |
|
~42 |
|
~45 |
|
NPE ratio (%) |
|
|
< |
|
~ |
|
< |
|
< |
|
Total capital ratio (%) |
|
|
~ |
|
> |
|
~ |
|
~ |
|
|
|
|
|
|
|
|
|
|
||
Assumed distribution accrual (%) |
|
|
~ |
|
~ |
|
~ |
|
~ |
|
Distribution yield (%) |
|
|
|
~ |
|
~ |
|
> |
|
~ |
Note: all figures on a reported basis,
Piraeus’ Aspirations 2025-2028: Positioned for growth
Client focus: simple, accessible products and services to drive growth of customer loans and assets
-
Loan growth ~
8% per annum; retail loan book to grow by >€1b n in the 4-year period -
Assets under management growth ~
8% per annum; new client solutions launched
Shareholder focus: sustained mid-teen returns and
-
Sustainable reported profitability ~
€1.1b n per annum until 2027, c.€1.3b n in 2028 -
Best-in-class operating efficiency and cost discipline with cost-income ratio c.
35% throughout the plan
Employee focus: future-ready workforce, performance-based compensation
- Rejuvenate workforce: hiring culture shift to attract young talent and enhance training initiatives to upskill workforce, with 50 training hrs per employee per year in 2028 vs 40hrs currently
Snappi: an innovation platform, with ~1.9mn customers in 2028 and ~
Continued focus on Technology, Cybersecurity & AI - with
Supporting communities: ongoing support to communities and social agenda (c.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250224090651/en/
Group Investor Relations
4 Amerikis St., 105 64 Athens
Tel. : (+30 ) 210 3335818
Bloomberg: TPEIR GA | Reuters: BOPr.AT
ISIN: GRS014003032
investor_relations@piraeusholdings.gr
www.piraeusholdings.gr
Source: Piraeus Financial Holdings
FAQ
What was Piraeus Financial Holdings (BPIRY) net profit for FY 2024?
What is BPIRY's loan growth target for 2025-2028?
How much will BPIRY invest in AI initiatives?
What is BPIRY's planned dividend distribution for 2024?
What is BPIRY's NPE ratio as of December 2024?
