Piraeus Financial Holdings(US:BPIRY)2024-08-01 19:20Financial Performance - Piraeus achieved a record normalized net profit of €333 million in Q2 2024 and €612 million for H1 2024, with an EPS of €026 in Q2 and €047 for H1[3] - The normalized Return on Average Tangible Book Value (RoaTBV) was 19% in Q2 2024 and 18% in H1 2024, exceeding the target of ~15% for 2024[3] - Net revenue increased by 10% year-over-year in H1 2024, driven by strong growth in net interest income (NII) and net fee income (NFI) due to increased client balances[3] - The bank's efficiency ratio improved to 29% in H1 2024, reflecting best-in-class cost management with a 3% year-over-year decrease in total operating expenses[3] Capital and Asset Quality - Piraeus' CET1 ratio stood at 142% and the total capital ratio at 190%, with a 30% distribution accrual, demonstrating a strong capital position[3] - The bank's asset quality remained solid, with a Non-Performing Exposure (NPE) ratio of 33%[3] - Assets Under Management (AuM) grew by 27% year-over-year to €104 billion in June 2024, driven by mutual fund inflows, institutional mandates, and private banking[3] Strategic Positioning - Piraeus is the leading bank in Greece, holding the 1 position in performing loans (25%), deposits (28%), bancassurance (31%), and brokerage (27%)[2] - The bank has a 36% market share in e-banking, with 99% of transactions conducted via digital channels[2] - Piraeus is the first Greek bank to meet the final Minimum Requirement for own funds and Eligible Liabilities (MREL) requirement, a year and a half ahead of target, reaching a MREL ratio of 283%[3]