Piraeus Bank S.A.: Nine Month 2026 Financial Results
Nine-month earnings per share rose 10% to €0.68, with Piraeus on track for its c.€0.9 full-year target.
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Broad-based growth in lending and client assets
-
Loans reached
€39.6b n, following€2.2b n net credit expansion in 9M, keeping Piraeus on track to meet its 2026 target of more than€3b n -
Mortgage recovery continues, with
€135m n net increase in 9M and€0.6b n disbursements, +37% yoy -
Strong growth in client deposits +
9% yoy, to€69.2b n, at0.39% total cost -
Client AuMs +
19% yoy at€16.9b n, with€1.3b n net inflows in 9M, exceeding 2026 target -
Ethniki Insurance generated gross written premiums (GWP) of
€666m n in 9M, an increase of4% yoy
Sustainable profitability and shareholder returns
-
Record core operating profit of
€930m n in 9M 2026, up14% yoy; Q3 core operating profit increased10% yoy to€301m n -
Net profit
€893m n, up9% 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
€542m n in Q3, +7% qoq, mainly driven by rates and spread discipline; 9M net interest margin of2.2% , in line with 2026 target -
Revenues from services reached
€679m n in 9M, up39% yoy, with Ethniki Insurance leading the acceleration -
Best-in-class operating efficiency, with
33% cost-to-income ratio in 9M, and32% in Q3 -
Interim dividend of c.
€124m n out of 2026 net profit to be paid to Piraeus shareholders in Dec.26, subject to supervisory approval;€650m n cash distribution accrued out of 2026 profits
Balance sheet strength supports growth, maintaining a low-risk profile
-
NPE ratio down to
2.0% from2.2% 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20261030976536/en/
Source: Piraeus Bank S.A.
Key Terms
net interest margin financial
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
cost-to-income ratio financial
Cost-to-income ratio measures how much of a company’s revenue is eaten by its operating costs, expressed as a percentage of income. Think of it as a household budget metric showing what share of your paycheck goes to bills versus savings; lower percentages mean the business keeps more of its sales as profit, so investors use it to compare efficiency and judge whether management is controlling costs effectively.
liquidity coverage ratio financial
The liquidity coverage ratio is a banking rule that measures whether a bank has enough high-quality, easy-to-sell assets to cover expected net cash outflows for 30 days. Think of it as a household’s emergency fund that must cover a month of bills; for investors, a higher ratio means the bank is better positioned to survive short-term stress, reducing the risk of fire sales, funding problems, or sudden capital needs that can hurt the share price.
cet1 ratio financial
CET1 ratio measures a bank's core equity capital (the most loss-absorbing funds like common stock and retained earnings) relative to the size of its risk-adjusted assets. It shows how big the bank's financial cushion is compared with what it has on its books; a higher ratio means greater ability to absorb losses, lower regulatory risk, and generally more investor confidence in the bank's stability.
cost of risk financial
Cost of risk is the total expected financial hit a business expects from its exposure to loss, combining actual payouts (like claims or write‑downs), administrative expenses to handle those losses, and the capital set aside to cover them. Think of it as the combined “insurance premium, deductible and emergency fund” for a company; it directly affects profitability, cash flow and how much capital is tied up, so investors watch it to judge future earnings stability and management quality.