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Piraeus Bank Group announces financial results for Q3 2013

Piraeus Bank Group announces financial results for the Q3 of 2013. At the end of September 2013 net interest income amounted to €1,187 mn, and Group total assets amounted to €93 bn. This information was announced by the Group’s press service with reference to the Piraeus Bank Group’s financial report for 9 months of 2013.

In accordance with the results of 9 months activity, gross loans before adjustments amounted to €75 bn, of which business loans were 65 %, mortgages 25% and consumer loans 10%. Deposits amounted to €55 bn, with savings and current deposits constituting 39,5% of the total portfolio.

“Piraeus Bank, after its recent share capital increase and the completion of the operating integration of the acquired banks, has as an immediate priority the faster realization of the synergies and the more efficient management of the non-performing loan portfolio with innovative solutions”- says Michalis Sallas, BoD Chairman.

Based on the Group’s financial results, Piraeus Bank Group total capital adequacy ratio has reached 13,6%. After the successful conclusion of the €8.4 bn share capital increase the total equity of the Group has amounted to €9.22 bn.

With the respect to the banks acquisition, by the end of September 2013 operating costs has reached €1,053 mn, and the Group’s branch network comprised of 1,653 units: 1,218 branches operating in Greece and 435 international branches.

“Piraeus Bank, as part of its strategy, has moved decisively for the fast and efficient integration of the banking activities that were added to the Group. The Bank has already successfully completed the full integration of ATEbank and the domestic activities of Hellenic Bank, Bank of Cyprus and CPB, whereas the legal and operating integration of Millennium Bank will take place in December 2013. This integration -much earlier than initially planned- constitutes strong competitive advantage for Piraeus Bank Group, while targeted actions are progressing at a fast pace, such as the rationalization of the branch network and the optimization of personnel” – adds Stavros Lekkakos, Managing Director & CEO.


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