Piraeus Financial Holdings (TPEIR) Q3 2025 earnings summary

Executive summary

• Achieved normalized net profit of €854 million for 9M 2025, with 15% return on tangible equity and €0.62 EPS, leading to upgraded 2025 targets and interim €100 million share buyback; total distribution from 2025 profits expected to exceed €500 million.

• Loan book expanded by €3.1 billion year-to-date, reaching €36.8 billion (+15% yoy), with strong growth in both business and household lending.

• Client deposits grew 5% year-over-year to €64 billion, and assets under management rose 30% to €14.3 billion, exceeding targets.

• Digital transformation advanced with the launch of Snappi neobank, 30,000 users in the first month, and 3 million digital clients.

• Upgraded investment grade rating by Fitch, now rated investment grade by three of four major agencies.

Financial highlights

• Net interest income for 9M 2025 was €1,426 million, with Q3 at €471 million; net fee income reached €489 million for nine months, contributing 25% to net revenues.

• Cost-to-income ratio at 34%, among the best in Europe; operating expenses stable at €211 million in Q3.

• Assets under management rose to €14.3 billion, up 30% year-on-year.

• NPE ratio at all-time low of 2.5%, NPE coverage at 71%, and cost of risk at 49 basis points.

• CET1 ratio at 14.6% (pro forma), total capital ratio at 20.6%, and liquidity coverage ratio at 217%.

Outlook and guidance

• Upgraded 2025 net credit expansion target to over €3.5 billion and RoaTBV target to 15%.

• Net interest income guidance for 2025 confirmed at €1.9 billion; expect to exceed EPS guidance of €0.80 for 2025.

• Guidance for Ethniki Insurance integration and related business plan to be detailed with Q4 results.