The following is a summary of the Piraeus Financial Holdings S.A. (BPIRY) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Piraeus Financial Holdings reported a normalized net profit of €333 million in Q2 2024 and €612 million for the first half of the year, achieving a 42% year-on-year growth in earnings per share for the quarter.

• The return on average tangible book value was 19% in Q2, and the cost-to-core income ratio improved to 29%, reflecting significant cost discipline.

• The bank achieved a CET1 ratio of 14.2%, and the MREL ratio reached 28.3%, showing a strong capital position.

Business Progress:

• The bank has successfully acquired a pan-European license for Neo Bank Snappi, indicating expansion and adaptation to the new banking landscape in Europe.

• Piraeus has reported a solid expansion of the performing loan book by €1.2 billion in the first half of 2024, mainly supported by business lending segments.

• Assets under management increased to €10.4 billion, surpassing end of 2024 target earlier than expected.

Opportunities:

• The acquisition of the Neo Bank Snappi pan-European license presents significant opportunities for expansion in the European market.

Risks:

• The gradual growth from AI services and new banking ventures such as Snappi could pose risks if market uptake does not meet expectations.

More details: PIRAEUS FINANCIAL HOLDINGS S.A UNSPON ADS EACH REP 1 ORD SHS POST SPLIT IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.