Piraeus Bank SA (OTCPK:PRBKY)

Half Year 2026 Piraeus Bank SA Earnings Call Transcript

Jul 29, 2026 / 10:59 AM GMT

Release Date Price: $11.27 (+1.99%)

Transcript

Key Points

Positve

Piraeus Bank SA (PIRBF) delivered a record net profit of EUR 617 million in the first half of 2026, with earnings per share of EUR 0.47, indicating strong financial performance.
The bank achieved a return on average tangible book value of 16%, surpassing its 2026 target of approximately 15%.
Loan book growth was robust, with a 9% year-on-year increase, reaching EUR 39 billion, and credit expansion of EUR 1.8 billion in the first half.
Net interest income rose to EUR 990 million, with a net interest margin of 2.2%, exceeding the 2026 target of approximately 2.1%.
Piraeus Bank SA (PIRBF) has been recognized as investment grade by all major international rating agencies, reflecting the strength of its financial profile.

Negative

Uncertainty remains elevated globally due to geopolitical developments and energy market volatility, which could impact future performance.
The bank's guidance for net interest income and fees implies a lower quarterly run rate in the second half, reflecting a conservative outlook.
There was a slight uptick in the cost of risk, with guidance increasing from 50 to 60 basis points for 2026, indicating potential challenges in maintaining asset quality.
The solvency ratio of Ethniki Insurance decreased to 162%, which may require future adjustments to maintain capital strength.
Despite strong fundamentals, Piraeus Bank SA (PIRBF) trades below EU banks with similar earnings, indicating potential undervaluation in the market.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BOPr.AT - Piraeus Bank SA
Half Year 2026 Piraeus Bank SA Earnings Call
Jul 29, 2026 / NTS GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by. I am Maria, your chorus call operator. Welcome and thank you for joining the Pireos Bank conference call and live webcast to present and discuss Pireos first half 2026 financial results. At this time, I would like to turn the conference over to Pireos Bank CEO, Mr. Christos Magalou. Mr. Magalou, you may now proceed.

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Unidentified_2 [2]
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Good afternoon, ladies and gentlemen, and good morning to those joining us from the US.

This is Christos Megalou, Chief Executive Officer of Piraeus. I'm joined today by

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