Piraeus Bank Group

Piraeus Group's costs (as % of assets) rose 69.9% yoy to 3.47% in 4Q2015

By Helgi Analytics - February 21, 2018

Piraeus Bank Group's cost to income ratio reached 124% in the fourth quarter of 2015, up from 50.1% when compared to the previou...

Piraeus Group's npls (as % of loans) rose 4.46% yoy to 39.5% in 4Q2015

By Helgi Analytics - July 24, 2019

Piraeus Bank Group's non-performing loans reached 39.5% of total loans at the end of 2015-12-31, up from 37.8% compared to the pr...

Piraeus Group's net profit fell 273% yoy to EUR -1,238 mil in 4Q2015

By Helgi Analytics - February 19, 2018

Piraeus Bank Group made a net profit of EUR -1,238 mil in the fourth quarter of 2015, down 273% when compared to the same period ...

Profit Statement 2013 2014 2015
Net Interest Income EUR mil 1,662 1,953 1,877
Net Fee Income EUR mil 287 314 306
Other Income EUR mil 3,997 292 210
Total Revenues EUR mil 5,945 2,558 2,393
Staff Cost EUR mil 885 737 772
Operating Profit EUR mil 4,308 1,115 920
Provisions EUR mil 5,709 7,831 9,359
Net Profit EUR mil 2,532 -1,938 -1,858
Balance Sheet 2013 2014 2015
Interbank Loans EUR mil 293 297 180
Customer Loans EUR mil 62,366 57,143 50,591
Debt Securities EUR mil 16,175 15,273 19,965
Total Assets EUR mil 92,010 89,290 87,528
Shareholders' Equity EUR mil 8,543 7,322 10,021
Interbank Borrowing EUR mil 26,275 23,690 34,491
Customer Deposits EUR mil 54,279 54,733 38,952
Issued Debt Securities EUR mil 561 894 551
Ratios 2013 2014 2015
ROE % 81.3 -24.4 -21.4
ROA % 3.12 -2.14 -2.10
Costs (As % Of Assets) % 2.02 1.59 1.67
Costs (As % Of Income) % 27.5 56.4 61.5
Capital Adequacy Ratio % 12.5 12.5 17.5
Net Interest Margin % 2.05 2.15 2.12
Loans (As % Of Deposits) % 115 104 130
NPLs (As % Of Loans) % 16.3 22.0 2.22
Provisions (As % Of NPLs) % 51.4 54.8 70.4
Valuation 2013 2014 2015
Market Capitalisation (End Of Period) USD mil 5,661 1,781 806
Share Price (End Of Period) EUR 1.49 0.910 0.300
Price/Earnings (P/E) 1.62 ... ...
Price/Book Value (P/BV) 0.481 0.201 0.066
Dividend Yield % 0 0 0
Earnings Per Share (EPS) EUR 0.919 -1.20 -0.837
Book Value Per Share EUR 3.10 4.53 4.51
Dividend Per Share EUR 0 0 0

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Net Interest Income EUR mil ... ... ...             1,105 1,207 1,173 1,028 1,662    
Total Revenues EUR mil ... ... ...             1,663 1,499 1,222 2,217 5,945    
Operating Profit EUR mil ... ... ...             769 615 399 1,308 4,308    
Net Profit EUR mil ... ... ...             202 -20.5 -6,617 -513 2,532    
balance sheet                                
Interbank Loans EUR mil ... ... ...             992 1,477 316 380 293    
Customer Loans EUR mil ... ... ...             37,688 37,638 34,006 44,613 62,366    
Debt Securities EUR mil ... ... ...             1,183 3,468 1,695 8,060 16,175    
Total Assets EUR mil ... ... ...             54,280 57,680 49,352 70,406 92,010    
Shareholders' Equity EUR mil ... ... ...             3,614 3,274 -1,940 -2,316 8,543    
Interbank Borrowing EUR mil ... ... ...             14,433 19,930 25,414 32,561 26,275    
Customer Deposits EUR mil ... ... ...             30,064 29,475 21,796 36,971 54,279    
Issued Debt Securities EUR mil ... ... ...             4,920 3,380 1,767 858 561    
ratios                                
ROE % ... ... ...             6.08 -0.594 -992 24.1 81.3    
ROA % ... ... ...             0.370 -0.037 -12.4 -0.857 3.12    
Costs (As % Of Assets) % ... ... ...             1.64 1.58 1.54 1.52 2.02    
Costs (As % Of Income) % ... ... ...             53.7 59.0 67.4 41.0 27.5    
Capital Adequacy Ratio % ... ... ... ... ... ... ...     9.80 9.30 -5.00 9.70 12.5    
Net Interest Margin % ... ... ...             2.02 2.16 2.19 1.72 2.05    
Interest Income (As % Of Revenues) % ... ... ...             66.5 80.5 95.9 46.3 28.0    
Fee Income (As % Of Revenues) % ... ... ...             12.4 13.3 16.2 9.81 4.82    
Staff Cost (As % Of Total Cost) % ... ... ...             47.7 46.5 47.3 46.6 54.0    
Equity (As % Of Assets) % ... ... ...             6.66 5.68 -3.93 -3.29 9.28    
Loans (As % Of Deposits) % ... ... ...             125 128 156 121 115    
Loans (As % Assets) % ... ... ...             69.4 65.3 68.9 63.4 67.8    
NPLs (As % Of Loans) % ... ... ... ... ... ... ...     18.6 23.4 23.6 25.2 16.3    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...     13.9 15.7 34.9 46.7 51.4    
valuation                                
Market Capitalisation (End Of Period) USD mil ... ... ... ... ...         4,174 1,615 354 530 5,661    
Number Of Shares (Average) mil ... ... ... ... ...         68.0 63.0 108 114 2,756    
Share Price (End Of Period) EUR                   42.8 19.3 2.53 3.52 1.49    
Earnings Per Share (EPS) EUR ... ... ... ... ...         2.97 -0.325 -61.3 -4.50 0.919    
Book Value Per Share EUR ... ... ... ... ...         53.2 52.0 -18.0 -20.3 3.10    
Dividend Per Share EUR ... ... ... ... ...         0 0 0 0 0    
Price/Earnings (P/E) ... ... ... ... ...         14.4 ... ... ... 1.62 ... ...
Price/Book Value (P/BV) ... ... ... ... ...         0.806 0.372 ... ... 0.481    
Dividend Yield % ... ... ... ... ...         0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ...       -41.6 -111 18,753 -92.7 -120    
Book Value Per Share Growth % ... ... ... ... ... ...       8.93 -2.23 -135 13.1 -115    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Interest Income EUR mil ... ... ...             2,789 2,662 2,913 2,905 3,567    
Interest Cost EUR mil ... ... ...             1,684 1,455 1,741 1,878 1,904    
Net Interest Income EUR mil ... ... ...             1,105 1,207 1,173 1,028 1,662    
Net Fee Income EUR mil ... ... ...             206 199 198 218 287    
Other Income EUR mil ... ... ...             352 93.2 -148 972 3,997    
Total Revenues EUR mil ... ... ...             1,663 1,499 1,222 2,217 5,945    
Staff Cost EUR mil ... ... ...             426 411 390 424 885    
Depreciation EUR mil ... ... ...             92.8 94.9 337 379 127    
Other Cost EUR mil ... ... ...             375 378 97.2 106 626    
Operating Cost EUR mil ... ... ...             893 884 823 909 1,637    
Operating Profit EUR mil ... ... ...             769 615 399 1,308 4,308    
Provisions EUR mil ... ... ...             995 1,433 3,052 5,961 5,709    
Extra and Other Cost EUR mil ... ... ...             0 < 0.001 -0.045 0.229 0.424    
Pre-Tax Profit EUR mil ... ... ...             287 10.7 -7,516 -1,185 1,748    
Tax EUR mil ... ... ...             81.0 31.9 -894 -663 -769    
Minorities EUR mil ... ... ...             3.88 -0.717 -4.83 -8.99 -15.9    
Net Profit EUR mil ... ... ...             202 -20.5 -6,617 -513 2,532    
Dividends EUR mil ... ... ...             0 0 0 0 0    
growth rates                                
Net Interest Income Growth % ... ... ... ...           -4.73 9.23 -2.84 -12.4 61.8    
Net Fee Income Growth % ... ... ... ...           -14.7 -3.44 -0.591 10.0 31.8    
Total Revenue Growth % ... ... ... ...           0.662 -9.84 -18.5 81.4 168    
Operating Cost Growth % ... ... ... ...           1.79 -1.07 -6.85 10.5 80.0    
Operating Profit Growth % ... ... ... ...           -0.624 -20.0 -35.2 228 229    
Pre-Tax Profit Growth % ... ... ... ...           -25.7 -96.2 -70,024 -84.2 -247    
Net Profit Growth % ... ... ... ...           -36.0 -110 32,220 -92.2 -593    
market share                                
Market Share in Net Profit % ... ... ...             34.1 ... ... ... 51.5 ... ...
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                
Cash EUR mil ... ... ...             2,978 2,993 2,553 3,308 2,875    
Interbank Loans EUR mil ... ... ...             992 1,477 316 380 293    
Customer Loans EUR mil ... ... ...             37,688 37,638 34,006 44,613 62,366    
Mortgage Loans EUR mil ... ... ... ... ...         6,659 6,910 6,809 12,471 17,658    
Consumer Loans EUR mil ... ... ... ... ...         4,110 3,651 3,173 3,797 5,103    
Corporate Loans EUR mil ... ... ... ... ...         27,076 27,666 26,326 31,156 44,065    
Debt Securities EUR mil ... ... ...             1,183 3,468 1,695 8,060 16,175    
Fixed Assets EUR mil ... ... ...             1,326 1,351 1,222 1,734 1,717    
Total Assets EUR mil ... ... ...             54,280 57,680 49,352 70,406 92,010    
Shareholders' Equity EUR mil ... ... ...             3,614 3,274 -1,940 -2,316 8,543    
Of Which Minority Interest EUR mil ... ... ...             148 141 135 128 119    
Liabilities EUR mil ... ... ...             50,666 54,407 51,292 72,722 83,467    
Interbank Borrowing EUR mil ... ... ...             14,433 19,930 25,414 32,561 26,275    
Customer Deposits EUR mil ... ... ...             30,064 29,475 21,796 36,971 54,279    
Retail Deposits EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 41,658    
Corporate Deposits EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 12,521    
Issued Debt Securities EUR mil ... ... ...             4,920 3,380 1,767 858 561    
Other Liabilities EUR mil ... ... ...             1,249 1,622 2,316 2,331 2,351    
asset quality                                
Non-Performing Loans EUR mil ... ... ... ... ... ... ...     7,177 9,144 8,742 12,768 11,101    
Gross Loans EUR mil ... ... ... ... ... ... ...     38,683 39,071 37,058 50,573 68,075    
Provisions EUR mil ... ... ...             995 1,433 3,052 5,961 5,709    
growth rates                                
Customer Loan Growth % ... ... ... ...           -1.63 -0.133 -9.65 31.2 39.8    
Retail Loan Growth % ... ... ... ... ... ...       -3.69 -1.93 -5.48 63.0 39.9    
Mortgage Loan Growth % ... ... ... ... ... ...       -0.505 3.77 -1.46 83.2 41.6    
Consumer Loan Growth % ... ... ... ... ... ...       -8.43 -11.2 -13.1 19.7 34.4    
Corporate Loan Growth % ... ... ... ... ... ...       0.060 2.18 -4.84 18.3 41.4    
Total Asset Growth % ... ... ... ...           -1.11 6.26 -14.4 42.7 30.7    
Shareholders' Equity Growth % ... ... ... ...           19.5 -9.42 -159 19.4 -469    
Customer Deposit Growth % ... ... ... ...           5.93 -1.96 -26.1 69.6 46.8    
Retail Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Corporate Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
ratios Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
ratios                                
ROE % ... ... ...             6.08 -0.594 -992 24.1 81.3    
ROA % ... ... ...             0.370 -0.037 -12.4 -0.857 3.12    
Costs (As % Of Assets) % ... ... ...             1.64 1.58 1.54 1.52 2.02    
Costs (As % Of Income) % ... ... ...             53.7 59.0 67.4 41.0 27.5    
Capital Adequacy Ratio % ... ... ... ... ... ... ...     9.80 9.30 -5.00 9.70 12.5    
Tier 1 Ratio % ... ... ... ... ... ... ...     9.10 8.40 -6.00 9.30 13.9    
Net Interest Margin % ... ... ...             2.02 2.16 2.19 1.72 2.05    
Interest Spread % ... ... ... ...           1.82 1.99 2.15 1.82 1.95    
Asset Yield % ... ... ...             5.11 4.76 5.44 4.85 4.39    
Cost Of Liabilities % ... ... ... ...           3.29 2.77 3.29 3.03 2.44    
Payout Ratio % ... ... ...             0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ... ...             66.5 80.5 95.9 46.3 28.0    
Fee Income (As % Of Revenues) % ... ... ...             12.4 13.3 16.2 9.81 4.82    
Other Income (As % Of Revenues) % ... ... ...             21.2 6.22 -12.1 43.8 67.2    
Cost Per Employee USD per month ... ... ... ... ... ... ... ...   3,682 3,401 3,569 2,439 4,349    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ... ...   2,647 2,571 2,567 1,900 3,276    
Staff Cost (As % Of Total Cost) % ... ... ...             47.7 46.5 47.3 46.6 54.0    
Equity (As % Of Assets) % ... ... ...             6.66 5.68 -3.93 -3.29 9.28    
Loans (As % Of Deposits) % ... ... ...             125 128 156 121 115    
Loans (As % Assets) % ... ... ...             69.4 65.3 68.9 63.4 67.8    
NPLs (As % Of Loans) % ... ... ... ... ... ... ...     18.6 23.4 23.6 25.2 16.3    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...     13.9 15.7 34.9 46.7 51.4    
Provisions (As % Of Loans) % ... ... ... ... ... ... ...     2.64 3.81 8.98 13.4 9.15    
Cost of Provisions (As % Of Loans) % ... ... ...             1.27 1.60 22.1 6.34 4.79    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                
Branches ... ... ... ... ... ... ... ...   872 882 832 1,338 1,449    
Employees ... ... ... ... ... ... ... ...   13,417 13,320 12,648 18,597 22,509    
Revenues From Abroad EUR mil ... ... ... ... ... ... ... ...   582 580 533 477 399   ...
Profit From Abroad EUR mil ... ... ... ... ... ... ... ...   84.7 51.7 54.7 -69.7 -244   ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ...   35.0 38.7 43.6 21.5 6.70   ...
Profit From Abroad (As % Of Total) % ... ... ... ... ... ... ... ...   29.6 481 -0.728 5.88 -14.0   ...
Risk-Weighted Assets EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
NPL Ratio (Consumer) % ... ... ... ... ... ... ... ... ... ... ... ... 36.7 48.2   ...
NPL Ratio (Mortgages) % ... ... ... ... ... ... ... ... ... ... ... ... 18.1 23.4   ...
NPL Ratio (Retail) % ... ... ... ... ... ... ... ... ... ... ... ... 23.5 30.9   ...
NPL Ratio (Corporate) % ... ... ... ... ... ... ... ... ... ... ... ... 15.5 39.7   ...
Provisions (As % Of Mortgage NPLs) % ... ... ... ... ... ... ... ... ... ... ... ... 18.8 17.4   ...
Provisions (As % Of Consumer NPLs) % ... ... ... ... ... ... ... ... ... ... ... ... 74.5 74.4   ...
Provisions (As % Of Corporate NPLs) % ... ... ... ... ... ... ... ... ... ... ... ... 54.3 53.2   ...
NPL Formation (Mortgages) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
NPL Formation (Consumer) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
NPL Formation (Corporate) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Interest Spread on Consumer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Interest Spread on Mortgage Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Interest Spread on Corporate Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Interest Spread on Term Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Interest Spread on Sight Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
ECB/ELA Funding EUR mil ... ... ... ... ... ... ... ... ... ... ... 22,243 31,606 17,870   ...
ECB/ELA Funding (As % Of Assets) % ... ... ... ... ... ... ... ... ... ... ... 45.1 44.9 19.4   ...

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Apr 2016
Statistical Dossier
Oct 2015
Statistical Dossier

Piraeus Group's net interest income fell 9.60% yoy to EUR 463 mil in 4Q2015

By Helgi Analytics - February 21, 2018

Piraeus Bank Group generated total banking revenues of EUR 605 mil in the fourth quarter of 2015, up 8.23% when compared to the same period of last year and down 5.54% when compared to the previous quarter. Historically, the bank’s revenues contai...

Piraeus Group's equity (as % of assets) rose 1,119% yoy to 100% in 4Q2015

By Helgi Analytics - October 7, 2019

Piraeus Bank Group's Equity reached 8.81% of total assets in the 4Q2015, down from 8.99% for the previous year. As a share of net customer loans, the ratio amounted to 25.1% at the end of the fourth quarter of 2015. ...

Piraeus Group's corporate loans fell 6.00% yoy to EUR 43,527 mil in 4Q2015

By Helgi Analytics - April 26, 2018

Piraeus Bank Group's loans reached EUR 68,071 mil in the fourth quarter of 2015, down from EUR 68,847 mil when compared to the previous quarter and down from EUR 72,983 mil when compared to the same period of last year. Historically, the bank’s loan...

Piraeus Group's customer loan growth fell 36.9% yoy to -11.5% in 4Q2015

By Helgi Analytics - July 24, 2019

Piraeus Bank Group's customer loan growth reached -11.5% in 2015-12-31, down from -8.37% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 94.0% in 2013-06-30 and an all time low of -11.5% in 2015-12-31. In t...

Piraeus Group's npls (as % of loans) fell 89.9% to 2.22% in 2015

By Helgi Analytics - February 22, 2018

Piraeus Bank Group's non-performing loans reached 2.22% of total loans at the end of 2015, down from 22.0% compared to the previous year. Historically, the NPL ratio hit an all time high of 25.2% in 2012 and an all time low of 2.22% in 2015. Provision cover...

Piraeus Group's capital adequacy ratio rose 40.0% to 17.5% in 2015

By Helgi Analytics - May 4, 2018

Piraeus Bank Group's capital adequacy ratio reached 17.5% at the end of 2015, up from 12.5% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 17.5% in 2015 and an all time low of -5.00% in 2011. The Tier 1 ratio amo...

Piraeus Group's net profit rose 4.13% to EUR -1,858 mil in 2015

By Helgi Analytics - March 7, 2018

Piraeus Bank Group made a net profit of EUR -1,858 mil under revenues of EUR 2,393 mil in 2015, up 4.13% and -6.46% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of EUR 2,532 mil in 2013 and an all time low of ...

Piraeus Group's corporate loans fell 8.75% to EUR 38,358 mil in 2015

By Helgi Analytics - March 6, 2018

Piraeus Bank Group's loans reached EUR 599,850 mil in the 2015, up from EUR 64,974 mil compared to the previous year. Historically, the bank’s loans reached an all time high of EUR 599,850 mil in 2015 and an all time low of EUR 30,705 mil in 2007. In th...

Piraeus Group's net interest margin fell 1.44% to 2.12% in 2015

By Helgi Analytics - February 23, 2018

Piraeus Bank Group's net interest margin amounted to 2.12% in 2015, down from 2.15% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 2.85% in 2004 and an all time low of 1.72% in 2012. The average m...

Piraeus Group's employees fell 9.25% to 19,279 in 2015

By Helgi Analytics - February 22, 2018

Piraeus Bank Group employed 19,279 persons in 2015, down 9.25% when compared to the previous year. Historically, the bank's workforce hit an all time high of 22,509 persons in 2013 and an all time low of 12,648 in 2011. Average cost reached USD 4,301 per month pe...

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Piraeus Bank Group is a Greece-based financial group providing various banking products and services in the Southeastern Europe, Greece, Western Europe, and Egypt. Through a network of some 800 branches and 1,800 ATMs on the domestic market, the Bank is especially strong in the areas of medium-sized and small enterprises, in agricultural banking, in consumer and mortgage credit, capital markets and investment banking, as well as leasing and factoring. The Group also possesses an international presence consisting of more than 300 branches focused in Southeastern Europe and Eastern Mediterranean, especially, in Romania, Bulgaria, Albania, Serbia and Ukraine. The company was founded in 1916 and is headquartered in Athens, Greece

Piraeus Bank Group Logo

Finance

Piraeus Bank Group has been growing its revenues and asset by 9.81% and 8.70% a year on average in the last 5 years. Its loans and deposits have grown by 6.09% and 5.73% a year during that time and loans to deposits ratio reached 130% at the end of 2015. The company achieved an average return on equity of -187% in the last five years with net profit growing 146% a year on average. In terms of operating efficiency, its cost to income ratio reached 61.5% in 2015, compared to 50.8% average in the last five years.

Equity represented 11.4% of total assets or 19.8% of loans at the end of 2015. Piraeus Bank Group's non-performing loans were 2.22% of total loans while provisions covered some 70.4% of NPLs at the end of 2015.

Valuation

Piraeus Bank Group stock traded at EUR 0.300 per share at the end of 2015 resulting in a market capitalization of USD 806 mil. Over the previous five years, stock price fell by 98.40000000000001% or 56.5% a year on average. That’s compared to an average ROE of -187% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of x and price to book value (PBV) of 0.066x in 2015.

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