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Earnings Call Summary | PIRAEUS FINANCIAL HOLDINGS S.A UNSPON ADS EACH REP 1 ORD SHS POST SPLIT(BPIRY.US) Q1 2024 Earnings Conference

Futu News ·  May 1 05:41  · Conference Call

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.

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