Piraeus Bank says earnings per share at 0.15 euro in Q1

Piraeus Bank says earnings per share at 0.15 euro in Q1

Piraeus Bank reported “solid, sustainable profitability”, with normalized earnings per share of 0.15 euro and RoaTBV of 13%, both outpacing estimates in the first quarter of 2023.

More specifically, the bank’s CET1 ratio increased to 12.2% and total capital ratio rose to 17.0%, through 0.6% pure organic capital generation on a quarterly basis, including accrual for 10% dividend payout. NPE ratio was down to 6.6% in the January-March period, from 12.7% a year ago, while NPE coverage was up 11 percentage points yoy to 55%. Clean balance sheet and resilient asset quality are key factors behind the organic cost of risk stabilizing at 0.8%, Piraeus Bank said, adding that superior liquidity profile was re-confirmed. Group deposits stood at 57.2 billion euros, higher 4% compared with the same period last year, impacted slightly in January and February, but improving in March.

Piraeus Bank reported a good start in loan disbursements (+2.0 billion euros), offset by high repayments (-2.2 billion) in the three-month period, while net credit decreased in January and February, and eased in in March. Performing loans were up by 2.0 billion euros on a year to year basis to 28.3 billion.  Client assets under management increased 9% to 7.6 billion euros, driven by targeted inflows to mutual funds.

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