Will announce its Q1 2026 financial results on Thursday, April 30, 2026, prior to the opening of the trading session, followed by a conference call at 14:00 GR time (dial-in details: +30 2109460800/GR, +44(0) 203 0595872/UK & Intl; +1 516 4475632/USA). Consensus estimates point to a solid start to the year, with key highlights including strong lending growth and increased fee income. The latter reflects the full-quarter consolidation of Ethniki Insurance, compared to only one month of contribution in 2025 following the completion of the transaction on November 27, 2025. It is also noted that the AGM of Piraeus Bank approved a cash distribution (via a capital return) of €0.4 per share (ex-date: 9 June, payment date: 15 June). The bank has guided for payout ratios of up to 65% over the 2026-2030 period, primarily in cash.
Q1 2026 Analyst consensus (median estimates)
- Net profit: €280mn, broadly flat y/y and +12% q/q as Q4 ’25 was impacted by one-offs
- NII: €480mn (-0.2% y/y, +0.6% q/q) with a NIM of 2.1%, in line with FY 2026 guidance
- Fees: €209mn (+30.6% y/y, +1.5% q/q), supported by the full-quarter consolidation of Ethniki Insurance
- Performing loans: c€38.8bn at end-March 2026 (+c12% y/y); the bank is targeting performing loans of >€40bn in 2026
- ROTE: 14.2% (adjusted for AT1 coupon payment), with NIM at 2.1% and fees as % of assets of 0.93%
- NPE ratio: 2.0%
- Tangible Equity: €7.5bn, equivalent to €6.1 per share
- Capital ratios: CET1 ratio at 12.7% and Total Capital ratio at 18.7%, broadly unchanged q/q, as quarterly earnings were largely offset by RWA growth, a 57% payout accrual for 2026 and accelerated amortization of DTC