Reports offering an initial assessment of Piraeus Bank’s results were published by Citi and Jefferies.
Citi: Third-quarter profit below estimates, loan growth strong
Piraeus Bank reported net profit of €275 million for the third quarter of 2026, down 18% quarter on quarter and up 5% year on year. Profit was 11% below the consensus of estimates compiled by the bank itself and 3% below Citi’s forecast. Reported return on tangible equity (ROTE) was around 13.5%, compared with 16.7% in the second quarter.
The shortfall against estimates was mainly due to higher loan-loss provisions, weaker fee income and negative trading income. These factors partly offset another strong quarter for net interest income (NII), which was boosted by loan growth and interest rates staying higher for longer.
Operating expenses remained under control, while asset quality continued to improve. Lending growth remained strong, and management expressed confidence that the bank would meet its 2026 targets, while also pointing to scope for higher interest income.
Overall, the quarter’s results were mixed, as strong business momentum and positive balance-sheet trends were offset by weaker-than-expected profitability.
Jefferies: Third-quarter net profit below estimates
Piraeus Bank’s results were weaker than expected, with reported net profit 11% below analysts’ estimates. Net interest income (NII) beat market consensus by 2%, but fee income fell short of high expectations, despite coming in 5% above Jefferies’ estimate. Trading income was also lower.
Operating expenses were 5% below estimates, partly limiting the impact of weaker income. However, pre-provision profit was 2% below market consensus, but 2% above Jefferies’ estimate.
Loan-loss provisions were higher, with the cost of risk (CoR) for the first nine months of 2026 on track to meet the bank’s full-year target. Other impairments were also higher, leaving pre-tax profit (PBT) 12% below estimates.
Specifically, Piraeus Bank reported net profit of €275 million for the third quarter of 2026, compared with analysts’ consensus estimate of €310 million, a shortfall of 11%.
Tangible net asset value (TNAV) stood at €6.3 per share, up 7% year on year. Return on tangible book value (RoTBV) was 13.7% in the third quarter and 15.4% for the first nine months, against a target of around 15% for full-year 2026.