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Earnings Call Summary | PIRAEUS FINANCIAL HOLDINGS S.A SPON ADS EACH REP 1 ORD SHS (POST SPLIT)(BPIRY.US) Q4 2023 Earnings Conference

Futu News ·  Feb 15 07:11  · Conference Call

The following is a summary of the Piraeus Financial Holdings S.A. (BPIRY) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Piraeus Financial expects to sustain NIM above 2% in mid-to-long term.

  • Despite inflationary pressures, the company's administrative cost is expected to normalize at €300 million.

  • Record high normalized earnings of €0.80 per share reported for 2023, with a 16.6% return on tangible book.

  • Piraeus reported 37% growth in net revenue compared to the previous year and a 4% reduction in operating expenses.

  • The company's non-performing exposure (NPE) ratio halved to 3.5% in 2023.

  • Solid CET1 ratio of 13.3%, 170 basis points higher than the previous year, and MREL of 24.1% reported.

Business Progress:

  • Non-maturity deposit hedges implemented, holds a position of €10 billion.

  • Company making strategies to deal with increased repayments from higher Euribor and other variables.

  • Future impact from Basel IV to be mitigated through various strategies.

  • €1.6 billion of net credit expansion achieved, assets under management increased by 34% to €9.3 billion in 2023.

  • The launch of digital bank, Snappi, is expected by mid-2024.

  • The company aims for the NPE ratio to converge to the European average levels by the end of 2026, reaching about 2.5%.

  • Piraeus plans a loan expansion over 5% per annum for the period 2024-2026, targeting net profits of approximately €1 billion per year.

More details: PIRAEUS FINANCIAL HOLDINGS S.A SPON 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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