The following is a summary of the Piraeus Financial Holdings (BPIRY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Piraeus Financial Holdings reported Q1 earnings of $0.21 per share, meeting its full-year guidance.
The company delivered an impressive return on average tangible book of 16.5% and achieved 10% recurring net revenue growth YoY.
Operating expenses dropped by 5% YoY, reducing the cost to core income ratio to 29%, marking its lowest-ever operating cost.The cost of risk also reduced to a historic low of 17 basis points.
Business Progress:
The bank has become fully privatized, selling 27% of its share capital held by the HFSF and raising €1.35 billion.
It increased assets under management by 8% to €10 billion and plans to deliver its first cash dividends to shareholders after 16 years.
Piraeus outlined plans to reduce carbon emissions and continue to focus on diversifying revenue sources.
The bank plans to accelerate the sale of repossessed assets and aims to reduce these assets by about 150 million annually through organic, services-driven divestments.
More details: PIRAEUS FINANCIAL HOLDINGS S.A UNSPON ADS EACH REP 1 ORD SHS POST SPLIT IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
