The first quarter marks a quarter of quality profitability, with normalized earnings per share of €0.21 and return on tangible equity (RoaTBV) of 16.5%, against targets of approximately €0.80 and 14% respectively for the full year 2024, Piraeus Bank notes in its first quarter results announcement. Earnings amounted to €233 million, compared with €211 million in the fourth quarter of 2023 and €180 million in the first quarter of last year. 

- Net interest income was €518 million, up 16% year-on-year, with resilient interest rate margins for customers. The cost of time deposits was 2.1%.

- Net fee and commission income was €145 million, up 19% year-on-year and 1% quarter-on-quarter, driven mainly by client asset management, bank insurance products and investment banking fees.

- Recurring operating expenses were at a historically low level of €193 million, down 5% year-on-year, driven by ongoing efficiency enhancement actions.

- Historically low organic risk costs at 51 basis points. Excluding NPE servicing fees and synthetic securitisation costs, risk costs were at a historical low of 17 basis points.

Stable asset quality with NPE ratio at 3.5% and NPE coverage at 60%, enhanced by 5 percentage points per annum.

- Good start in loan disbursements, which stood at €2.1 billion or +6% year-on-year. This was offset by high repayments (€2.3bn) due to the expected seasonality of Q1. Performing loans increased by €1.6bn year-on-year to €30.0bn, with a significant flow of projects to be financed in the coming months.

- Organic capital generation was 0.8%, before one-off items and provision for dividend distribution. The CET1 ratio stood at 13.6% and the total capital ratio at 18.4% in Mar.24, including a provision for a 25% dividend distribution. On a pro forma basis to reduce risk-weighted assets from NPE sales to be completed in the coming period, the CET1 ratio was 13.7% and the total capital ratio was 18.5%. The corresponding MREL ratio was 26.0% in March 2024, compared to a supervisory requirement of 24.9% in January 2025.

- Client assets under management increased further by 8% quarter-on-quarter and 33% year-on-year to €10.0 billion, driven by inflows into mutual funds and private banking.

- Strong liquidity profile, with a liquidity coverage ratio of 241% and a loan-to-deposit ratio of 62%.

"2024 started dynamically for Piraeus, confirming the progress towards the achievement of the year's targets. In Q1 we delivered another set of strong financial results, generating €0.21 earnings per share and a 16.5% return on capital," comments CEO Christos Megalou.