Management Statement
“Our nine-month 2026 results confirm that Piraeus' strategy is delivering. As Greece's leading bank, we are building a diversified, high-return financial services group, combining best-in-class growth with strong efficiency and a low-risk balance sheet. Earnings per share rose 10% to €0.68, fully on track for our 2026 target of c.€0.90, and normalized return on tangible book value reached 15.4%.
Growth is broad-based and structural with continued credit expansion and an increasing contribution from services, insurance and asset management. Our performing loan book expanded 8% year-on-year to €40bn, among the fastest in Europe, with €2.2bn of net credit expansion in nine months. At the same time, we continue to diversify our revenue mix: revenues from services grew 39% yoy in 9M and now represent 31% of total revenues, led by Ethniki Insurance with €666mn premiums produced in 9M and by asset management, with €1.3bn of net inflows during the same period.
Innovation is a central pillar of our strategy. Snappi, our digital bank, has reached c.260k users and c.€130mn of deposits in its first year of operations, attracting approximately c.€1mn of deposits per day, with seven product launches since July. This momentum gives us the confidence to raise our medium-term ambitions for Snappi.
Discipline remains at the core of our model. Our cost-to-income ratio of 33% is among the best in Europe, organic cost of risk stood at 57bps and the NPE ratio declined to 2.0%. Organic capital generation continues to support both growth and shareholder returns. Our CET1 ratio stands at 12.9%, while we are accruing for a €650mn cash distribution from 2026 earnings. Subject to supervisory approval, an interim dividend of €10c per share will be paid in Q4. Investment grade ratings from all major agencies further validate this progress.
The continuing conflict in the Middle East and higher bond yields in Europe are adding uncertainty to the global and European economic outlook. Nevertheless, the Greek macro environment remains resilient, supported by a string fiscal position, the continued reduction of public debt and a substantial primary surplus. The Greek economy is expected to remain on a positive trajectory, supported by a credible fiscal framework, continued reform and sustained investment.
Strong execution reinforces our confidence in our 2026 targets, with upside in net interest income and revenues from services. It also provides the foundation for raising our 2027 aspirations.
We now aim for a net interest margin of >2.4%, revenues from services of c.0.9% of assets, return on tangible book value above 15%, EPS growth of c. 10% yoy and a CET1 ratio above 13.5%.
Finally, we are proud to have been certified as a Top Employer Greece 2026 by the Top Employers Institute, the only Greek bank to receive this recognition. We will continue to support our clients and the Greek economy, invest in our people and technology, and create sustainable value for all our stakeholders.”
Christos Megalou
Chief Executive Officer