PIRAEUS BANK GROUP - 9M 2016 FINANCIAL RESULTS
Consistent Delivery Against Targets:
Profitability, Decreasing NPEs and NPLs, Improved Liquidity
“I am pleased to report that Piraeus Bank continues to make noteable progress. The Bank is working to achieve its strategic goals in an operating environment which remains demanding, but presents opportunities, as the Greek economy gradually recovers. We are positioned to realize these opportunities to the benefit of our shareholders, clients and employees.
Piraeus Bank intends to maintain the highest standards of corporate governance. Our reinvigorated Board of Directors combines extensive international banking expertise with in-depth knowledge of the domestic environment. We believe that both of these key competencies are necessary to continue the Bank’s return to a sustainable path to growth and enable us to build on our leading position in the Greek banking sector.
As we have shown today, our performance over the first nine months of 2016 is consistently improving. On behalf of the Board of Directors, I express my confidence regarding Piraeus Bank’s prospects and its positioning for future success.”
George Handjinicolaou, Chairman of the Board of Directors
“Piraeus Bank’s Q3.2016 performance once again demonstrates our commitment to and fulfillment of stated financial and strategic targets. For a second consecutive quarter, Piraeus Bank Group posted a profit that amounted to €31mn, and resilient recurring pre provision income of €290mn.
Our Q3 deposits rose by €0.9bn, representing an increase of 2%. This is largely attributed to the easing of capital controls and our targeted client campaigns.
Active management of non-performing loans continues to yield significant positive results, with a further reduction of loans in arrears above 90 days by €0.6bn on a quarterly basis. On an annual basis, loans in arrears have declined by €2.2bn or 8%. In parallel, Non Performing Exposures (NPEs) were lower by €0.2bn qoq and €1.1bn yoy at the end of September 2016.
The Group’s CET-1 capital ratio has also improved, and is now at 17.6%, while fully loaded CET-1 ratio is at 16.7%. The Bank is fully on track to achieve its 2016 targets: profitability, significant decrease of NPLs and improved liquidity.”
George Poulopoulos, Deputy CEO
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