Piraeus Financial Holdings(US:BPIRY)2024-11-01 15:05Financial Performance - Piraeus Financial Holdings achieved a record net profit of €932 million for the first nine months of 2024, with an Earnings Per Share (EPS) of €0.72[2] - The company's Return on Average Tangible Book Value (RoaTBV) reached 18% in Q3 2024, leading to an updated target of >17% for the full year[2] - Net Interest Income (NII) grew quarter-over-quarter, driven by volume growth that outpaced the June 2024 rate cut, reaching €530 million in Q3[2] - Net fee income increased by 21% year-over-year for the first nine months, outpacing NII growth of 7%, benefiting from strong growth in client balances[2] - Assets under Management (AuM) grew by 29% year-over-year to €11 billion in September 2024, driven by strong net mutual fund sales, institutional mandates, and private banking[2] Loan Portfolio and Asset Quality - Loan growth reached 10% for 2024, with a performing exposure (PE) book of €32 billion, exceeding the initial FY24 target of €31.5 billion and updating the target to €33 billion for December 2024[2] - The organic cost of risk was 49 basis points for the first nine months, with an underlying cost of risk of 23 basis points, leading to an updated target of <3% Non-Performing Exposure (NPE) ratio for 2024[2] - The Non-Performing Exposure (NPE) ratio decreased to 3.2%[3] Capital and Distribution - The Common Equity Tier 1 (CET1) ratio stood at 14.7%, with a total capital ratio of 19.9%, and the highest Minimum Requirement for own funds and Eligible Liabilities (MREL) in Greece at 29.1%[2] - The payout ratio was updated to 35% for 2024 and 50% for 2025[2]