The bank announced the following:
High Return on Tangible Book Value (RoaTBV): 17.5%, matching the highest returns in the European region. Including exceptional items, RoaTBV stands at 15.0%. Tangible book value per share rose to €5.78, an annual increase of 13%.
Net Income: €2.8 billion, a 7% increase in 2024. Commissions increased 4 times compared to net interest income, up 16% annually, compared to a 4% annual increase in net interest income, benefiting from strong growth in customer balances.
Fee-to-Income Ratio: The ratio reached 23%, the highest in Greece, up by 2 percentage points annually.
Capital Ratios: The pro forma CET1 ratio stood at 14.7%, and the total capital ratio was 19.9%, both including a 35% shareholder distribution. The MREL ratio reached 29.2% in December 2024. The Pillar 2 capital requirement was reduced by the ECB to 2.90% from 3.00% for 2025.
Operational Efficiency and Balance Sheet Management:
Top Operational Efficiency: Cost-to-income ratio at 30%, with recurring operating expenses at €0.8 billion, up 4% annually. The increase was due to performance-based staff bonuses and technology investments, while maintaining cost discipline despite inflation.
Strong Balance Sheet: The lowest NPE ratio in the market at 2.6%, down from 3.5% last year, with NPE coverage at 65%, up by 3 percentage points annually. Organic risk cost was at a historic low of 46 basis points, down from 83 basis points in 2023. Excluding servicing fees and synthetic securitization costs, risk cost dropped to a historical low of 21 basis points, down from 48 basis points in 2023.
Loan and Customer Funds Under Management:
Loans: €34 billion, up 12% annually, with €3.6 billion growth in 2024. Household loans stabilized in 2024, while lending to small businesses grew by €200 million. The perimeter of Piraeus-linked loans related to the Recovery and Resilience Fund amounted to €1.3 billion by the end of 2024.
Liquidity Profile: €63 billion in deposits (+6% annually) with a liquidity coverage ratio of 219%.
Customer Funds Under Management: Increased by 23% year-on-year to €11.4 billion, driven by mutual funds (+37% annually), institutional investor funds management, and private banking.
Sustainable Finance and Digital Transformation:
Sustainable Financing: €3.8 billion in sustainable financing, with €1.4 billion in new sustainable financings in 2024.
Transformation Journey: 217 branches transitioned to the new operational model.
AI Roadmap: Piraeus Bank is the first Greek bank to follow an artificial intelligence roadmap, with €200 million invested in the next three years.
CDP Rating: Piraeus Bank's Climate Rating was upgraded to A- by the Carbon Disclosure Project (CDP).
Strategic Goals for 2025-2028: Path to Further Growth
Customer-Centric Approach: Simple and accessible products and services to increase loans and assets under management.
Loan Growth: ~8% annually, with over €1 billion in retail loan portfolio growth by 2028.
Assets Under Management Growth: ~8% annually with the introduction of new services.
Focus on Shareholders: Stable returns in the mid-teens and €2 billion distribution over the 4-year period until 2028.
Sustainable Profitability: ~€1.1 billion annually until 2027, and approximately €1.3 billion in 2028.
Operational Efficiency: A cost-to-income ratio of around 35% throughout the business plan period.
People-Focused Initiatives: Investment in future workforce and performance-based compensation.
Staff Renewal: A recruitment culture aimed at attracting new talent and enhancing training initiatives, with 50 hours of training per employee annually by 2028, up from 40 hours today.
Snappi Platform: Innovation platform targeting ~1.9 million customers by 2028, with revenue of ~€135 million.
Ongoing Focus on Technology, Cybersecurity, and AI: With €200 million invested in AI.
Community Support: Continuous support for communities and social agenda, with approximately €55 million offered over the past two years.
