Piraeus Bank Group announces financial results for the first half of 2013. At the end of June 2013 net interest income amounted to €734 mn, and Group total assets amounted to €95.0 bn. This information was announced by the Group’s press service with reference to the Piraeus Bank Group’s financial report the first half of 2013.
In accordance with the results of the first half of 2013, gross loans before adjustments amounted to €75.7 bn, of which business loans were 65 %, mortgages 24% and consumer loans 11%. Deposits amounted to €54.7 bn, with savings and current deposits constituting 38% of the total portfolio. “Piraeus Bank Group is focusing its efforts on effective management of its “problem” loan portfolio, introducing new solutions aiming at the safeguarding of its capital base and the support of the viability of Greek businesses and the relief of households”- says Michalis Sallas, BoD Chairman.
Based on the Group’s financial results, Piraeus Bank Group total capital adequacy ratio has reached 14%. After the successful conclusion of the €8.4 bn share capital increase the total equity of the Group has amounted to €9.5 bn.
With the respect to the banks acquisition, by the end of June 2013 operating costs has reached €644 mn, and the Group’s branch network has been extended to 1,718 units: 1,280 branches operating in Greece and 438 international branches. “The Integration of ATEbank and of the Greek operations of the Greek part of Hellenic Bank has been completed with absolute success” – adds Stavros Lekkakos, Managing Director & CEO.
Bank is moving fast towards systems and operations integration of the acquired banking businesses. Piraeus Bank has now 30% of market share in the banking sector in Greece. Integration with Millennium Bank Greece and Greek operations of Bank of Cyprus and CPB is considered to be the next goal set by the 4th quarter of 2013 and 1st quarter of 2014 respectively.
Note. Piraeus Bank Group is one of the major banking institutions of Southern and Eastern Europe. Piraeus Group's pro-forma total assets amount to €95 bn, net loans to €63 bn and customer deposits to €55 bn (at the end of June 2013).
Piraeus Bank entered the Ukrainian market in 2007.
Piraeus Bank has the highest rating of deposits reliability provided by "Credit-Rating" Agency (grade "5"as of latest rating of 27.09.2013).
The Bank is authorized by the Pension Fund of Ukraine to make payments of pensions and financial assistance. The Bank is a member of Fund of Guaranteeing the Deposits of Individuals and Forum of Leading International Financial institutions (FLIFI).
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