Q1.2016 Financial Results - Piraeus Financial Holdings/media/Com/2016/... · 1.1 Q1.2016 at a Glance 1.6 NPL, ΝPE Movement 1.2 Operating Performance 1.7 Developments post Q1.2016

25 May 2016

Q1.2016 Financial Results

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2

01 RESULTS HIGHLIGHTS

02 Q1.2016 FINANCIALS

03 ASSET QUALITY

04 LIQUIDITY

05 APPENDICES

Table of Contents

3

Results Highlights01 1.1 Q1.2016 at a Glance 1.6 NPL, ΝPE Movement

1.2 Operating Performance 1.7 Developments post Q1.2016

1.3 Capital Position 1.8 2016 Outlook

1.4 Liquidity Position 1.9 Greek Macro Update

1.5 Asset Quality

4

Group, € mn Mar.16 Dec.15

Total assets 85,682 87,528

Gross loans 66,291 68,071

Customer deposits 37,911 38,952

Eurosystem funding 30,417 32,686

Equity 9,947 10,021

TBV 7,780 7,853

Branches (#) 981 989

Employees (#) 19,259 19,279

Loan-to-deposit ratio 129% 130%

>90dpd ratio 40% 40%

>90dpd coverage ratio 66% 65%

CET-1 ratio (phased-in) 17.6% 17.8%

CET-1 ratio (fully loaded) 16.7% 16.7%

01 Q1.2016 at a Glance1.1

17.6% CET-1, 16.7% fully loaded CET-1

66% NPL coverage, 26% provisions over loans

133% NPL coverage by provisions and collateral

€266mn PPI, +2% yoy, marginal PAT loss of €37mn

281bps NIM, up 13bps qoq

-€245mn NPL formation (-37bps over loans)

-€1.2bn NPL stock in the last 6 months

5

bps on gross loans FY.2014 FY.2015 Q1.16

PPI 136 135 160

CoR 513 512 175

Δ -377 -377 -15

Group, € mn Q1.16 Q4.15 qoq Q1.15 yoy

NII 478 463 3% 487 -2%

NFI 74 79 -6% 78 -6%

Other 24 66 -63% 8 >100%

Revenues 576 608 -5% 573 1%

OpEx (310) (330) -6% (312) -1%

Core PPI 241 213 14% 253 -4%

PPI 266 279 -5% 261 2%

ΝΙΙ Up 3% qoq, OpEx Down 6% qoq

970 920

266

2014 2015 Q1.16

Jaws Closing, Paving the Way for Profitability in 2016

Operating Performance01

Note: recurring financial P&L dataratios over assets excl. EFSF|ESM bonds

€ mn

1.2

281bps

43bps

54%

282bps NIM

43bps NFI over assets

52% cost to incomeGR

OU

P Q

1

GR

EEC

E Q

1

6

CoR

PPI

-3,670-3,487

-289

-44 -30 -150

9,450

Dec.15CET-1

Q1.16Results

Reserves Phasing(DTAs,

minorities)

Mar.16CET-1

(€ bn │ %) Phased-in1 Fully Loaded1

CET-1 Capital 9.2 8.8

Total Regulatory Capital 9.2 8.8

RWAs 52.5 52.5

CET-1 Ratio 17.6% 16.7%

Total Capital Ratio 17.6% 16.7%

1 pro-forma for Cypriot operations and ATE Insurance divestment

01CET-1 Ratios (March 2016) CET-1 Capital & RWAs Evolution in Q1.16 (€ mn)

53,30254,036

-734 -785

52,517

Dec.15RWA

Net LoansMovement &

Other

Mar.16RWA

Discontinuedoperations

Mar.16RWA

pro-forma

Capital Position1.3

9,226

7

Solid capital adequacy

fully loaded CET-1 ratio up qoq at 16.7% from 16.6% phased-in ratio at 17.6% from 17.8% due to B3 phasing rules leverage ratio at 11%

35.832.7

-0.6 -1.7 0.0

30.4

14.1

Dec.14 Sep.15 Dec.15 Jan.16 Feb.16 Mar.16 Mar.16

Eurosystem Funding (€ bn)

34.5 36.1

-0.5 -0.3 -0.1

35.1

49.5

+0.2

Dec.14 Sep.15 Dec.15 Jan.16 Feb.16 Mar.16 Mar.16 Apr.16

01Domestic Deposits (€ bn)

Liquidity Position1.4

8

Adjusted for state outflows, Piraeus was down by

€0.6bn in Q1 vs. -€1.9bn for the market

Mar.16 Eurosystem down by €7bn from peak of

Jun.2015; mid-May qtd -€2 bn at €29bn€29 bn.

Q1.16 outflows mainly from state-related & seasonal

agri-banking accounts, as well as from business accounts1

2

3

4

Eurosystem funding stood at €30.4bn at the end

of Mar.16; circa half through ELA facility (€16 bn)

5Interbank repos at €3.2bn as at Mar.16 at

15bps cost, from €1.7 bn and 20bps in Dec.1529 bn.

6Pillar 2 government guarantees use at €1.75bn as at Mar.16 down from €10.4bn in Dec.15bn.

Asset Quality01 1.5

Q1.16 Greek NPL formation at -€232mn or -37bps

NPL coverage increased to 66%

NPL coverage stood at 133% taking into account collateral

Q1.16 Group NPL formation at -€245mn or -37bps

Q1 Domestic NPL Formation (new flows over loans, %)

3.17%

0.52%

0.14%

-0.37%

Q4

.12

Q1

.13

Q2

.13

Q3

.13

Q4

.13

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

66%72%

65%71%

57%62%

51% 53%

Total Business

Mar.16

Dec.15

Dec.14

Dec.13

NPL Coverage (%)

9

-€232mn vs. +€87mn in Q4.15

business NPL comprise c.70%

of total NPL stock

1

2

3

5

ΝPL stock down by €0.5bn qoq, post write-offs

6

01NPL Movement (€ bn)

NPL, ΝPE Movement1.6

10

NPE Movement (€ bn)

NPL total stock declined for a 2nd consecutive quarter

reaching €26.4bn, marking a quarterly drop of €0.5 bn

NPEs flattish qoq with the negative NPL formation & write-

offs positively supporting, while impaired loans increased,

on the back of collective impairment re-allocation

27.526.9

26.4

Sep.15 Dec.15 Mar.16

37.836.9 36.9

Sep.15 Dec.15 Mar.16

This is the combined result of declining/negative NPL

formation and loan write-offs, actively contributing to

the target of significant overall NPL reduction in 2016

Total NPL reduction of €1.2bn for the past six months

Note: like-for-like data excluding Cypriot operations

11

01 Developments post Q1.20161.7

Participation in the ECB QE programme with EFSF bond holdings. Trading gains.

Interbank repos above €4bn in late May. Sizeable rate improvement.

Zero State guarantees post April. Significant cost benefit of c.€100mn vs. 2015

TLTRO II announcement. Ability to participate with c.€10bn, potential negative funding cost

ECB waiver for Greek assets to deliver >€1bn ELA reduction and sentiment improvement

Stated goal of negative NPL formation on track. Supportive new legislation in place

Target of returning to profitability in 2016 on track

VES result of ~1,000 exits, to generate c.€45mn payroll benefit fully phased per annum

Further branch rationalization underway, targeting 650 Greek units in the following months

12

01 2016 Outlook1.8

Resilient economy with real GDP at -0.5% GDP on the back of new fiscal measures

Positive bottom line, with strong CET-1 ratio

Deposit gradual inflow projected for H2, intensified efforts to re-attract funds

Decreased funding cost across the board (ELA, interbank repos, deposits)

Ongoing time deposit cost decrease: 2015 165bps, Q1.16 105bps, front book 84bps

Negative NPL formation of c.€1bn for the full year

Further operating efficiency measures in place, bringing OpEx at lower level

1

2

3

4

5

6

7

In Q1.2016, economic activity contracted by -0.4% qoq, closeto our estimate of -0.3% qoq. For 2016 a marginalcontraction is expected, mainly due to negative carry-overeffect and new austerity measures

Given that a significant portion of the fiscal consolidationmeasures will come into effect in a retroactive manner fromthe beginning of 2016, their impact in Η2.2016 economicactivity will be particularly adverse. In order tocounterbalance this contractionary impact, implementationof agreed privatizations, investment spending and arrearsclearance are of paramount importance

Improved fiscal performance: in 2015, the ESA 2010 GeneralGovernment Primary Surplus (excl. financial institutionssupport) amounted to 0.6% of GDP (2014:0.3%). At the sametime, based on the MoU definition, the primary balanceturned to a surplus of 0.7% of GDP, compared to a deficittarget of -0.25% of GDP

Real estate prices in Greece at -5% yoy in Q1, whereas qoqpace decelerated significantly at -0.2%

2015 Review & 2016 Outlook Real GDP Decline by -0.4% qoq in Q1.2016

-1.8

0.0

0.2

-0.3

0.6

-0.3

1.4

-0.8

0.10.3

-1.2

0.1

-0.4

-5.1

-3.5

-1.8-2.0

0.4 0.2

1.30.9

0.3

0.9

-1.7

-0.8

-1.3

-6.0

-5.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q2.15 Q3.15 Q4.15 Q1.16

qoq% change yoy% change

13

01 Greek Macro Update1.9

Outlook for 2016: real GDP estimated at -0.5% post 1st review conclusion

investments through European structural funds privatizations under way good tourism season

On May 24 2016, the Eurogroup agreed on the conclusion ofthe 1st review and the disbursement of the 2nd tranche(€10.3bn) in several disbursements. A 1st disbursement willtake place in June (€7.5bn). An agreement on the package ofdebt measures was also reached

Q1.2016 Financials02 2.1 Assets & Liabilities Overview

2.2 P&L Highlights

2.3 P&L of Domestic Operations

2.4 Domestic Customer Portfolio Yields

2.5 Operating Expenses

2.6 Alternative Channels Use

14

4.0

10.0

14.2

24.8

1.8

16.0

16.7

10.5

2.5

49.6

1.0

17.0

3.33.6

10.6

2.5

48.9

17.0

3.2

3.5Cash

AssetMix

Total

Securities

EFSF|ESM Bonds

Net Loans

PPE

Other

85.7

4.0

9.9

14.5

23.5

3.4

14.4

16.1

02Total

ECB

ELA

Interbank Repos

Core Deposits

Time Deposits

Total Equity

Other

85.7

FundingMix

2.1

Mar.16

Total

Cash

Securities

EFSF|ESM Bonds

Net Loans

PPE

Other

87.5

Seasonal Loan

Dec.15

15

Assets & Liabilities Overview

Mar.16

Dec.15

Total

ECB

ELA

Interbank Repos

Core Deposits

Time Deposits

Total Equity

Other

87.5

€ mn Q1.16 Q4.15 qoq Q1.15 yoy

Net interest income 478 463 3% 487 -2%

Net fee income 74 79 -6% 78 -6%

Other 29 63 -54% 4 >100%

Net revenues 581 605 -4% 569 2%

Recurring revenues 576 608 -5% 573 1%

Staff costs (160) (278) -42% (167) -4%

Admin. & other (158) (215) -27% (161) -2%

OpEx (318) (493) -35% (328) -3%

Recurring OpEx (310) (330) -6% (312) -1%

Recurring PPI 266 279 -5% 261 2%

Loan impairment (289) (1,384) -79% (271) 7%

Other impairment (12) (258) -95% (10) 22%

Pre tax result (39) (1,530) - (52) -

Net result attr. to SHs (cont. ops) (37) (1,238) - (63) -

Net result attr. to SHs (dicont. ops) (7) (31) - (14) -

16

P&L Highlights02 2.2

Q1 2016 Group P&L at a Glance

Q1.16 net interest income stronger, mainly on the back of declining utilization of ELA funding (-€14mn qoq) and lower government guarantees (-€13mn qoq), as well as time deposits costs

Q1.16 net fee income affected by domestic environment conditions (domestic GDP -1.3% yoy), yet exhibits relative resilience in segments such as bancassurance (+22% qoq at €9mn, e-payments and cards at €18mn, +18% yoy)

Q1.16 recurring net revenues resilient yoy at €576mn

Q1.16 recurring OpEx down 1% yoy as cost cutting initiatives bring results. Further costs savings actions under way

Provision expense normalizes gradually: €289mn in Q1.16, further increasing reserves to loans to 26% and improving NPL coverage ratio to 66%. Quarterly provision expense incorporates additional drop in real estate prices in Greece reflected in collateral values

1

2

3

4

5

1

2

3

4

5

Note: recurring P&L for Q1.16 excludes results of an entity consolidated due to loan restructuring

02

17

2.3 P&L of Domestic Operations

Q1.2016 Performance of Greek Operations

NII in Greece rises qoq and yoy, positively affected by declining utilization of ELA funding and L.3723/2008 guarantees, as well as decreasing deposit costs

NFI affected by economic environment and loan deleverage

OpEx down 5% qoq, and -4% yoy including the quarterly benefit of VES (€11mn)

Note: P&L on normalized basis, excluding one-off items, for PPI components

€ mn Q1.16 Q4.15 qoq Q1.15 yoy

NII 440 422 4% 432 2%

NFI 66 71 -7% 71 -6%

Revenues 523 570 -8% 507 3%

OpEx (273) (288) -5% (272) 1%

PPI 250 282 -11% 236 6%

Loan impairment (270) (1,192) -77% (206) 31%

Pre tax result (31) (1,257) - (5) -

PAT attr.to SHs from cont. ops (21) (992) - (16) -

1

2

1

2

33

Solid NIM movement qoq

282bps, up 15bps qoq

further boost under way, from lower time deposit cost, lower ELA and zero government guarantees utilization

Pre provision income at €250mn +6% yoy4

4

Business(stock)

Q1.15 Q2.15 Q3.15 Q4.15 Q1.16

Corporate 4.3% 4.3% 4.3% 4.3% 3.9%

SME/SBL 5.7% 5.6% 5.6% 5.5% 5.2%

Total 5.0% 4.9% 4.8% 4.6% 4.4%

Q1.15 Q2.15 Q3.15 Q4.15 Q1.16

Loan RatesTotal Stock

FrontBook

Total Stock

FrontBook

Total Stock

FrontBook

Total Stock

FrontBook

Total Stock

FrontBook

Mortgages 2.6% 4.1% 2.5% 3.7% 2.5% 3.4% 2.5% 4.6% 2.4% 4.4%

Consumer 9.4% 9.4% 9.3% 9.9% 9.4% 10.0% 9.5% 10.3% 8.9% 11.0%

Business 5.0% 5.7% 4.9% 5.9% 4.8% 6.2% 4.6% 5.9% 4.4% 5.5%

Total 4.6% 5.7% 4.5% 6.0% 4.5% 6.3% 4.3% 6.0% 4.1% 5.7%

Q1.15 Q2.15 Q3.15 Q4.15 Q1.16

Deposits 1.15% 1.07% 0.80% 0.65% 0.59%

Sight 0.68% 0.63% 0.57% 0.60% 0.62%

Savings 0.19% 0.19% 0.17% 0.17% 0.17%

Time 1.83% 1.77% 1.56% 1.23% 1.05%

avg 3m euribor 0.05% -0.01% -0.03% -0.09% -0.19%

Loans 4.58% 4.50% 4.46% 4.33% 4.11%

Mortgages 2.61% 2.51% 2.49% 2.46% 2.38%

Consumer 9.39% 9.26% 9.36% 9.46% 8.85%

Business 4.96% 4.89% 4.82% 4.63% 4.40%

Domestic Customer Portfolio Yields

Actual rates shown above refer to total Greek banking operations, quarterly averages

Loan Rates: Front Book Rates Steadily Above Legacy Book Customer Rates: Time Deposit Rate Declines Further

18

02 2.4

Deposit rates lower in Q1.16 solely from time deposit rates

Impact in loan rates for Q1.16 attributed to euribor decline and loan restructuring

VES cost provision €110 mn

Employees ~1,000

Annual benefit ~€45 mn

Payback period 2.2 years

157 159 154 130 142 129

10

119

64

442

Q1.15 Q4.15 Q1.16 Q1.15 Q4.15 Q1.16

one-off items

1,380

1,063

701

19,401

16,72115,627

650

750

850

950

1050

1150

1250

1350

1450

1550

1650

1750

1850

Dec.12 Jun.13 Dec.13 Jun.14 Dec.14 Dec.15Mar.16

19

Operating Expenses2.502

54% 54%

Q1.15 Q1.16

Cost to Income Ratio (%)

Domestic Headcount & Footprint Further Optimisation (#)

54%52%

Q1.15 Q1.16

Group Staff & Administrative Expenses (€mn)

Staff costs

-49% from peak

GREECEAdmin costs278

186

GROUP

-19% from peak

3rd VES Information

pro-forma FTEs in Greece at 14.6k

already booked in Q4.15

160131

1

2

3

4

167134

Note: on normalized basis, excluding one-off items

Credit cards

+16% turnover

+25% avg # of puchases per active card

+29% new users

+52% active customers

+90% transactions daily

+8.5% debit cards in circulation

+67% new credit cards

+10% prepaid cards in circulation

Debit cards

+11% customer penetration

+302% turnover

+16% fees

Winbank Cards

Alternative Channels Use

Turnover +41%

Fees +18%

20

POS

EFT/POS terminals installations +185%

New merchants +221%

Turnover +78%

Fees +56%

Prepaid cards

+2.4% in transaction value

+160% in domestic trxs participation in total trxs portfolio

+350% increase in purchase amount of domestic & intra-regional card present trxs

02 2.6

Note: all growths refer to yearly performance

Asset Quality03 3.1 NPL Stock & Formation 3.6 NPE & NPE Coverage

3.2 Domestic NPL Movement 3.7 RBU Portfolio at a Glance

3.3 NPL Coverage Across Segments

3.8 RBU Perimeter

3.4 Provision & Collateral Coverage

3.9 RBU Business Customers Viability Mapping

3.5 Domestic Loan Portfolio KPIs (March 2016)

21

1,449

1,177 1,267 1,259989

773500 369

8264

111385

80

-245Q4.12 Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q2.15 Q3.15 Q4.15 Q1.16

3.21%

2.43%1.78%

1.67% 1.33%1.05%

0.68% 0.51%

0.01%0.38%

0.16%0.56%

0.12%-0.37%

NPLs (€mn) Mar.16

Business 18,188

Mortgages 4,702

Consumer 3,488

TOTAL 26,378

NPLs (€mn) Mar.16

Greece 24,715

International 1,662

TOTAL 26,378

462

260236

32 81 73174

222

-81

17815611516

11122 104

-110-96

132 84 18

-41

7216

108

-32-68

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

-300

200

700

1,200

1,700

2,200

Business Mortgages Consumer

NPL Stock & Formation03

22

Group New NPLs at Negative Territory

* pre write-off quarterly NPL formation (amount & bps over end-quarter loans) *Dec.15 ratios adjusted for seasonal loan repaid in Mar.16

Group NPL Ratio +90dpd per Product Category

Group NPLs Mix Group NPL Formation

40%42%

28%

52%

40% 42%

29%

53%

Total Business Mortgages Consumer

Q1.2016 Q4.2015

* pre write-off quarterly NPL formation

3.1

3.17%

0.52%

0.14%

-0.37%

Q4

.12

Q1

.13

Q2

.13

Q3

.13

Q4

.13

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

3.21%

0.56%

0.12%

-0.37%

Q4

.12

Q1

.13

Q2

.13

Q3

.13

Q4

.13

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

Household sector posted a -€163 mn negative NPL flow in Q1.16 andbusinesses -€69 mn

Recently introduced legislation is expected to have further positiveimpact on the effort to substantially deleverage NPL

Greek Q1.16 NPL generation -€232 mn, down from €87 mn in Q4.15

Group Q1.16 NPL generation -€245 mn, down from €80 mn in Q4.15

Retail formation negative for 2nd consecutive quarter

151

-57

38

-33

126

230

-69

11015

9815

101

-110-95

6

-40

56

11

105

-33 -68

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

23

Domestic NPL Movement

NPL Formation Negative in Q1.16 Greek NPL Formation by Segment

Note: pre write-off quarterly NPL formation in € mn or as % of gross loans

Group Greece

NPL new flows over loans (%)Business Mortgages Consumer

39.8%NPL ratio

39.7% NPL ratio

3.203

LLRs (€ mn) Mar.16

Greece 16,267

International 1,111

TOTAL 17,378

LLRs (€ mn) Mar.16

Business 12,997

Mortgages 1,755

Consumer 2,626

TOTAL 17,378

66%72% 75%

37%

65%71% 74%

35%

Total Business Consumer Mortgages

Q1.16Q4.15

NPL Coverage Across Segments03

24

NPL Coverage Ratio per Product Category

Group LLRs at 26% Over Loans

40%

66%

26%

41%

67%

28%

NPLs NPLs Coverage LLR/Loans

Greece

International

Further Increase in NPL Cash Coverage

3.3

Increased NPL coverage in Q1.16 across all loan segments

Significant stock of loan loss reserves for business loans,which comprise 2/3 of the portfolio

4% 7%9% 11%

85% 96%

Dec.13 Dec.14 Dec.15 LLRs coverage Collateralcoverage

Total coverage

17% 25% 35%37%

108%


Total coverage

53% 62% 66% 72%

149%77%


Total coverage

20% 25% 28% 30%

104%74%


Total coverage

74% 74% 74% 75%90%15%


Total coverage

36% 37%39% 39%

25%64%


Total coverage

Μar.16

Provision & Collateral Coverage03

Provision & Collateral Coverage - Consumer NPLs

Provision & Collateral Coverage - Mortgage NPLs

Provision & Collateral Coverage - Business NPLs

Provision & Collateral Coverage - Total Consumer Loans

Provision & Collateral Coverage - Total Mortgage Loans

Provision & Collateral Coverage - Total Business Loans

Mar.16

Mar.16

Mar.16

Mar.16

Mar.1625

3.4

71%

in € bn | % Total Business SME SBL Corporate Mortgage Consumer

Loans 62.3 40.0 19.4 4.4 16.3 16.1 6.2

NPL Ratio 40% 42% 50% 49% 30% 29% 55%

LLR / Total Loans 26% 30% 35% 26% 26% 11% 41%

LLR + Collateral / Total Loans 97% 103% 117% 110% 84% 96% 62%

LLR / NPL 66% 72% 70% 52% 86% 37% 75%

LLR + Collateral / NPL 133% 150% 152% 138% 149% 108% 88%

03 3.5 Domestic Loan Portfolio KPIs (March 2016)

Loans: KPIs per Segment

1.8%

1.9%

2.4%

2.7%

4.2%

4.3%

4.5%

5.5%

7.7%

8.3%

9.9%

11.1%

9.9%

25.8%

Agriculture

Transportation & Storage

Other Services

Electricity, Gas, Steam

Shipping

Real Estate

Financial & Insurance

Accommodation & Food

Other

Construction

Wholesale & Retail Trade

Manufacturing

Consumer

Mortgages

Loan Composition (%)

26

Retail

37.4% 37.2%

52.1% 51.4%

GroupNPL

90dpd

ImpliedGroup

NPE

+8.8%

NPE & NPE Coverage03 3.6

Piraeus Group NPL to NPE Reconciliation (Mar.16) Piraeus Group NPL-NPE-LLR Data per Product (Mar.16)

27

€ bn Exposures NPEs NPLs Performing

Impaired Forborne Contagion

Business 46.6 26.7 18.2 3.2 4.3 1.0

Mortgages 16.6 6.3 4.7 0.0 1.6 0.0

Consumer 7.7 3.9 3.5 0.1 0.3 0.0

Total 70.9 36.9 26.4 3.3 6.3 1.0

€ bn │ % +90dpd NPEs LLRsCoverage

NPLs NPEs

Business 18.2 26.7 13.0 72% 49%

Mortgages 4.7 6.3 1.8 37% 28%

Consumer 3.5 3.9 2.6 75% 67%

Total 26.4 36.9 17.4 66% 47%

(*) NPL ratio over loans including off balance sheet exposures (LC,LGs). Likewise for NPE ratio for both numerator (€0.5 bn) and denominator (€4.6 bn); Dec.2015 ratios adjusted for seasonal loan

+14.9%Coverage

65% 66%

Coverage

47% 47%

+4.6%

Dec.15 Mar.16

Group NPL 90dpd*

Mar.16 Dec.15

GroupNPE*

Impaired ContagionForborne

+1.4%

Impaired: the effect of the inclusion of exposures which are not past due by more than 90dpd and for which the customer carries specific provisions

Forborne: the additional effect of the inclusion of exposures that have forbearance measures (i.e. concessions towards a debtor facing or about to face difficulties in meeting financial commitments) and are classified as non-performing as per EBA Technical Standards on forbearance and non performing exposures

Contagion: the additional effect of characterizing all exposures to a debtor as NPL when the debtor has exposures in arrears more than 90dpd (pull-through effect) according to EBA technical standards

€7.5bn out of €10.6 bn:

0 dpd

28

RBU Portfolio at a Glance 03 3.7

RBU: A Dedicated Internal Unit Fully Operational as of Q3.2014RBU KPIs at a Glance

plus supporting RBU staff

Retail Banking Branch Network & Deposits

Corporate & Investment Banking

Group Financial Mngt & Control

Group Operations

CEO

Piraeus Bank BoD

Executive Committee

Group AdministrationSupport

Non-core business & Restruct. portfolio

RBU Strategy

RBU Retail, SBL, Col’s and Rec’s

Corporate and shipping recovery

SME Recovery

Commercial Workouts

Task Force Merchant Banking

Real Estate

Note: figures display balances and customers managed by Piraeus Recovery Banking Unitcustomer total number refers to unique customers

(€ bn │ %)Balances

(€ bn)Customers

(#)FTEs (#)

Corporate 6.9 1k 64

SME 3.1 2k 155

Commercial Workouts 8.7 28k 301

SB 1.5 21k

819Retail 11.3 411k

-Mortgages 7.5 80k

-Consumer 3.8 330k

Total 31.6 447k 1,339

23

1

22

37

28

10

Total Piraeus Non RBU RBU

< 90 days past due

(dpd)

> 90 days past due

(dpd)

32

2960

Managed by non-RBU units - Transfer in subsequent wave

RBU handles Performing Retail Loans from +1 dpd (restructured loans for a period of one year post

restructuring)

7.9

0.9

5.8

7.2

3.4

0.6

4.2 1.5

11.3

1.5

10.0

8.7

Retail Small Business Corporate& SME

Commercial Workouts

NPL balances

Performing loans balances (<90dpd)

03 3.8 RBU Perimeter

RBU Balances Overview RBU Balances by Segment

Note: figures display amounts for Piraeus Bank Greece. Sums of figures may deviate from totals due to rounding

(€ bn, 31-Mar-2016)(€ bn, 31-Mar-2016)

29

563 customers

€6.9 bn total loan balances

2,406 cases


Operating businesses

1,797 or 75% of total

€2.6 bn or 83% of total

Viable (positive EBITDA)

1,008 or 56% of

operating cases

€1.6 bn loans or 62%of operating cases

RBU portfolio:

Corporate SMEs

03 3.9 RBU Business Customers Viability Mapping

Commercial workouts

Operating businesses

401 or 71% of total


Viable (positive EBITDA)

254 or 63% of

operating cases

€3.4 bn loans or 59%of operating cases

28,486 NPL cases


Operating cases

9,858 or 35% of total


• Mapping taking into account borrowers’ needs, viability and affordability in a through-the-cycle approach

• Aim is to take advantage of thechanges in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters

• The majority ~60% of

operating SMEs and Corporate customers are deemed viable displaying positive EBITDA

30

RBU portfolio: RBU portfolio:

Liquidity04 4.1 Greek Market Liquidity 4.6 Interbank repos

4.2 Domestic Deposits 4.7 Capital Controls Update

4.3 Piraeus Funding Cost

4.4 Wholesale Funding

4.5 EFSF|ESM Holdings

31

Eurosystem at €101bn in Mar.16 (ELA €66bn, ECB €35bn), down €25bn vs. Jun.15

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015

ELA

ECB

32

Eurosystem Funding (€bn)Customer Deposits & Currency in Circulation (€bn)

0

10

20

30

40

50

60

2009 2010 2011 2012 2013 2014 2015

100

150

200

250

300 Deposits

Currency in Circulation

40%

60%

80%

100%

120%

140%

2009 2010 2011 2012 2013 2014 2015

Loans to Deposits Ratio (%)

100

150

200

250

300

2009 2010 2011 2012 2013 2014 2015

Deposits

Loans

Loans & Deposit Balances (€bn)

Greek Market Liquidity04 4.1

Banknotes at €47bn in Mar.16, down ~€3.5bn vs. Jun.15

LDR at 127% bn in Μar.16, down 10ppts vs. Jun.15

Deposits down €2.5bn in Q1, loans down €2.9bn in Q1

Greek market Piraeus - Greece

34 +1.5 36

-1.0

35

Nov.15 Δ Depos Dec.15 Δ Depos Mar.16

53%37%

52%35%

47%63%

48%65%

Mar.15 Mar.16 Mar.15 Mar.16

Time Core

Customer Deposit Movement in Greece (€bn)

04 4.2 Domestic Deposits

Domestic Outflows Composition (€bn)

Domestic Deposit Mix (%)

131 +3.1 134

-2.5

131

Nov.15 Δ Depos Dec.15 Δ Depos Mar.16

0.8

1.1

0.5

HouseholdsBusinessesGovernment

0.4

0.2

0.4

Piraeus Q4.15 Q1.16

Mass|Farmers +0.5 -0.2

SB +0.2 -0.1

SME +0.1 -0.1

Corporate +0.2 -0.1

Govt & Other +0.5 -0.5

Total +1.5 -1.0

Movement by Segment (€bn)



Q1.16 witnessed outflows, mainly from

state deposit accounts, as well as farmers

withdrawing subsidies amounts

Greek market normally experiences

outflows in Q1, related with agri sector

(Piraeus impacted due to its large

exposure in farmers)

33

€0.4bn govt

2.91%

2.04%

1.30%

0.61% 0.57%

4.58%

3.05%

1.95%

1.14%0.98%

Dec.12 Jun.13 Dec.13 Jun.14 Dec.14 Jun.15 Dec.15 Mar.16

Total deposits

Time deposits

04 4.3 Piraeus Funding Cost

4.40%

2.71%

1.77%

0.95% 0.84%

4.58%

3.05%

1.95%

1.14%0.98%

Dec.12 Jun.13 Dec.13 Jun.14 Dec.14 Jun.15 Dec.15 Mar.16

New time deposits

Time deposits (stock)

1.81% 1.74% 1.73%

1.15%0.98% 0.90%

0.76%0.90%

1.16%

1.31% 1.23%

1.02%

Q4.14 Q1.15 Q2.15 Q3.15 Q4.15 Q1.16

New Time Deposit Cost

Eurosystem Cost incl. P2, P3 Fees

Customer Deposit Rates in Greece (%)

Domestic Time Deposit Rates | Stock vs. New Production (%)

Domestic Νew Time Deposit Cost vs. Eurosystem Cost (%, averages)

2016 Outlook

Time deposit cost declined substantially in 2015

Τime deposit rate stood at 105bps on average in Q1.2016

from 165bps in FY.2015

Only c.€20mn state fee for L.3723/2008 use in ELA

anticipated during 2016 (vs. €120mn in 2015)

Continuous effort to reduce deposit cost in line with

approved Restructuring Plan

34

decreased utilization of

P2 guarantees

Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 Mar.16

ECB 14.1 14.9 15.1 14.6 16.0 14.4

EFSF|ESM Bonds 5.7 14.2 14.4 13.9 15.3 13.8

GGBs and T-bills 1.0 - - - - -

L.3723 6.8 - - - - -

Other 0.6 0.7 0.7 0.7 0.7 0.6

ELA - 15.4 22.2 21.2 16.7 16.1

GGBs and T-bills - 0,7 1.0 0.8 0.8 0.1

L.3723 - 4.4 9.4 5.7 5.7 1.0

Loans & Other - 10.3 11.8 14.7 10.2 15.0

Total 14.1 30.3 37.3 35.8 32.7 30.4

Eurosystem Funding (€ bn)

14.9 15.1 14.6 16.0 14.4

15.4

22.2 21.2 16.716.1

10.0

14.1

30.3

37.3 35.832.7

30.429

Sep.14 Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 Mar.16 May.16

ELA

ECB

Collateral Used for Eurosystem Funding - Cash Values (€ bn)

ELA Utilization & Buffer | Ιnterbank Activity

ELA collateral buffer estimated at €9bn (late May.16), based on

existing collateral valuation & haircuts and P2 issuance ability

No utilization of Pillar 2 guarantees since April 2016 (existing ones

matured and no further roll over took place)

Interbank Repo Book (€ bn)

04

Funding through EFSF repos stood at €3.2 bn as at March 2016.

Volumes increased further till late May as counterparty interest

has expanded, while cost has narrowed close to zero

4.4 Wholesale Funding

35

12

10

8

6

4

2

0

Sep.14 Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 Mar.16

>€4bn May.16

ESM Holdings by Maturity (€ mn)EFSF Holdings by Maturity (€ mn)

EFSF | ESM Holdings04 4.5

36

ISINIssue Date

Maturity Date

CpnFace Value

1 EU000A1U9852 27-Aug-15 27-Feb-17 6m € -18 813

2 EU000A1U9860 27-Aug-15 27-Aug-17 6m € -20 812

3 EU000A1U9878 27-Aug-15 27-Feb-18 6m € -21 1,081

Total & Average 1.6 Yrs 6m € -20 2,706

ISINIssue Date

Maturity Date

CpnFace Value

1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m € +46 2,340

2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m € +57 2,340

3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m € +64 2,340

4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m € +71 2,240

5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m € +77 2,240

6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m € +34 484

7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m € +35 983

8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m € +36 1,176

9 Total & Average 5.7 Yrs 6m € +58 14,142

end Mar.16 data, pre QE commencement

Funding (€ bn) Interbank Repos Τrends

Funding through EFSF bond repos stood at €3.2bn at Mar.16,

as activity resumed in Q4.15 (Dec.15 at €1.7bn)

Balances at >€4bn level in late May.16

Cost of funding has declined significantly ytd, matching ECB

terms

Volumes are expected to increase, as counterparty interest is

solid and expanding

37

Interbank Repos04 4.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Jan

.13

Jun

.13

No

v.1

3

Ap

r.14

Sep

.14

Feb

.15

Jul.1

5

Dec

.15

May

.16

Cost (rate in bps)

0

20

40

60

80

100

120

Jan

.13

Jun

.13

No

v.1

3

Ap

r.14

Sep

.14

Feb

.15

Jul.1

5

Dec

.15

May

.16

€4.1bn May.16

0bpsMay.16

04 4.7 Capital Controls Update

38

Weekly Cash

Withdrawal Limit€420 equivalent per week per customer

Purchase of Greek

Mutual FundsAllowed

New Account

Opening

• Allowed for existing (as of 11.03) customers

• Subject to specific criteria, e.g. primary

payroll account, for new customers

Greek Capital Market

InstrumentsAllowed

Additional Account

Beneficiary

• Allowed for existing (as of 11.3.16) customers

• Prohibited for new customers

Foreign Investments

LiquidationProceeds can be re-invested

Transfers from

abroad

• 100% of funds can be re-transferred abroad

• 10% of funds can be withdrawn in cash

Change of Custodian

BankProhibited when changing to foreign custodian

Outgoing Wire

Transfers abroad

• Private individuals can transfer up to €1,000

per monthTrade Related Payments

• <€250k approval at bank level

• Weekly limit for bank-level committee at €80mn

• >€250k approval by the BoG Controls’ Committee

Time Deposit

BreakAllowed Early Loan Repayment

• Allowed up to 50% of outstanding balance (as of 11.3)

• Subject to exceptions for the remaining balance (>50%),

e.g. sale of underlying collateral

20 ministerial decisions since imposition of Capital Controls, indicating a gradual relaxation of the relative framework

39

Appendices05 5.1 Group P&L and Balance Sheet

5.5 SEE Macro Outlook

5.2 Group Results: Domestic & International

5.3 Loan & Deposit Portfolios

5.4 Overview of International Operations

Profit & Loss (€ mn)

Group P&L and Balance Sheet 05

40

Balance Sheet (€ mn)

Mar.16 Dec.15

Cash/balance with Central Banks 3,511 3,645

Loans & Advances to Banks 150 180

Gross Loans 66,291 68,071

(Loan Loss Reserves) (17,378) (17,480)

Securities 20,217 20,263

- o/w EFSF Bonds 16,978 16,964

Intangibles & Goodwill 270 274

Fixed Assets 2,511 2,544

Deferred Tax Assets 5,088 5,075

Other Assets 3,393 3,362

Assets of Discontinued Operations 1,629 1,594

Total Assets 85,682 87,528

Due to Banks 33,859 34,491

Deposits 37,911 38,952

Debt Securities 95 102

Other Liabilities 2,369 2,478

Liabilities of Discontinued Ops 1,501 1,485

Total Liabilities 75,735 77,508

Total Equity 9,947 10,021

Total Liabilities & Equity 85,682 87,528

Q1.2016 Q4.2015 Q1.2015

Net Interest Income 478 463 487

Net Fee Income 74 79 78

Trading & Other Income 29 63 4

Total Net Revenues (recurring) 576 608 573

- incl. one-off Items (reported) 581 605 569

Employee Costs (160) (278) (167)

Administrative Expenses (131) (186) (134)

Depreciation & Other (28) (29) (27)

Total Operating Costs (recurring) (310) (330) (312)

- incl. one-off Items (reported) (318) (493) (328)

Recurring Pre Provision Income 266 279 261

- incl. one-off Items (reported) 263 112 242

Result from Associates 0 1 (13)

Impairment on Loans (289) (1,384) (271)

Impairment on Other Assets (12) (258) (10)

Profit Before Tax (39) (1,530) (52)

Tax 2 290 (12)

Net Profit Attributable to SHs (37) (1,238) (63)

Discontinued Ops Result (7) (31) (14)

5.1

• Discontinued operations (Egypt, Cyprus, ATE Insurance)

41

Group Results: Domestic & International05 5.2

Greece (€ mn) International (€ mn)

Q1.16 Q1.15 yoy

Net Interest Income 38 54 -30%

Net Fee Income 7 8 -13%

Banking Income 46 62 -26%

Trading & Other Income 7 (3) >100%

Total Net Revenues (recurring) 53 66 -20%

- incl. one-off Items (reported) 53 59 -10%

Employee Costs (14) (16) -13%

Administrative Expenses (19) (20) -5%

Depreciation & Other (4) (5) -20%

Total Operating Costs (recurring) (37) (41) -10%

- incl. one-off Items (reported) (37) (41) -10%

Pre Provision Income (recurring) 16 25 -36%

- incl. one-off Items (reported) 16 18 -12%

Result from Associates 0 1 -

Impairment on Loans (19) (65) -

Impairment on Other Assets (5) (1) -

Pre Tax Result (8) (47) -

Tax 8 (1) -

Net Result Attributable to SHs (16) (47) -

Discontinued Ops Result (0) (6) -

Q1.2016 Q1.2015 yoy

Net Interest Income 440 432 2%

Net Fee Income 66 71 -7%

Banking Income 506 503 1%

Trading & Other Income 22 7 >100%

Total Net Revenues (recurring) 523 507 3%

- incl. one-off Items (reported) 528 510 4%

Employee Costs (146) (151) -3%

Administrative Expenses (111) (114) -3%

Depreciation & Other (24) (23) 5%

Total Operating Costs (recurring) (273) (272) 1%

- incl. one-off Items (reported) (281) (287) -2%

Pre Provision Income (recurring) 250 236 6%

- incl. one-off Items (reported) 247 223 11%

Result from Associates 0 (14) -

Impairment on Loans (270) (206) -

Impairment on Other Assets (7) (9) -

Pre Tax Result (31) (5) -

Tax 10 (11) -

Net Result Attributable to SHs (21) (16) -

Discontinued Ops Result (7) (9) -

• Discontinued operations (Egypt, Cyprus, ATE Insurance)

Gross Loans Evolution (€ mn)

Dec.14 Mar.15 Dec.15 Mar.16 yoy qoq

Group 71,477 69,794 68,071 66,291 -5% -3%

Business 46,926 45,294 44,525 43,032 -5% -3%

Mortgages 17,277 17,292 16,740 16,545 -4% -1%

Consumer 7,274 7,207 6,806 6,713 -7% -1%

Greece 66,068 64,532 63,922 62,268 -4% -3%

Business 42,829 41,341 41,449 40,021 -3% -3%

Mortgages 16,731 16,743 16,244 16,065 -4% -1%

Consumer 6,507 6,449 6,230 6,182 -4% -1%

Intl 5,410 5,261 4,149 4,022 -24% -3%

Business 4,097 3,954 3,076 3,011 -24% -2%

Mortgages 545 550 497 480 -13% -3%

Consumer 767 758 576 532 -30% -8%

Loan & Deposit Portfolios05 5.3

• All data exclude discontinued operations (Egypt and Cyprus )

Deposits Evolution (€ mn)

Dec.14 Mar.15 Dec.15 Mar.16 yoy qoq

Group 52,749 44,354 38,952 37,911 -15% -3%

Savings 13,118 12,671 15,249 14,636 16% -4%

Sight 8,947 7,804 9,532 8,817 13% -8%

Time 30,684 23,879 14,171 14,458 -39% 2%

Greece 49,450 41,310 36,141 35,076 -15% -3%

Savings 12,888 12,428 14,995 14,364 16% -4%

Sight 8,500 7,364 9,085 8,351 13% -8%

Time 28,061 21,517 12,062 12,361 -43% 2%

Intl 3,299 3,044 2,810 2,835 -7% 1%

Savings 230 242 254 272 12% 7%

Sight 447 440 446 466 6% 4%

Time 2,623 2,362 2,110 2,097 -11% -1%

42

Overview of International Operations

AlbaniaBulgariaRomania

Serbia Ukraine

London Frankfurt

Branches (#) 120

Employees (#) 1,384

Assets 1,637

Net loans 743

Deposits 850

Branches (#) 75

Employees (#) 882

Assets 1,517

Net loans 851

Deposits 1,070

Branches (#) 26

Employees (#) 459

Assets 416

Net loans 254

Deposits 253

Branches (#) 18

Employees (#) 432

Assets 139

Net loans 35

Deposits 45

Branches (#) 39

Employees (#) 433

Assets 597

Net loans 201

Deposits 457

Branch (#) 1

Employees (#) 19

Assets 1,074

Net loans 814

Deposits 26

Branch (#) 1

Employees (#) 14

Assets 158

Net loans 14

Deposits 134

(€ mn, as at Mar.2016)

Branches

Branches (#) 280

Employees (#) 3,632

Assets 5,640

Net loans 2,911

Deposits 2,835

Total international1

05

1. Consolidated financial data for international subsidiaries

Market Shares Loans Deposits

Albania 6.7% 6.5%

Bulgaria 3.8% 3.1%

Romania 1.6% 1.2%

Serbia 2.3% 1.7%

Ukraine 0.3% 0.2%

43

5.4

Subsidiaries

SEE Macro Outlook05 5.5

Twin Deficits Have Stabilized……fiscal & external balances in sustainable levels as final consumption/ exports gain momentum

SEE Growth Οverperforms the EU…

…showing signs of green shoots amidst the ongoing international uncertainty

Table of Economic ForecastsReal GDP

(% y-o-y)

Inflation Fiscal Balance

(% GDP)

Current Account

Balance (% GDP)

2014 2015 2016f 2014 2015 2016f 2014 2015 2016f 2014 2015 2016f

Albania 2.0 2.6 3.0 1.6 1.9 1.1 -5.2 -3.9 -2.9 -12.9 -11.2 -12.0

Bulgaria 1.5 3.0 2.4 -1.4 -0.1 -0.2 -3.7 -3.0 -2.5 1.2 2.1 1.5

Cyprus -2.5 1.6 1.7 -1.4 -2.1 -1.0 -8.9 -1.0 -0.8 -4.6 -3.6 -4.0

Romania 2.9 3.8 3.9 1.1 -0.6 -0.6 -1.9 -1.5 -2.2 -0.5 -1.2 -1.6

Serbia -1.8 0.7 1.5 2.1 1.4 1.8 -6.5 -3.8 -3.5 -6.0 -4.8 -4.5

Ukraine -6.6 -9.9 1.0 12.1 48.7 14.5 -4.6 -1.2 -4.0 -4.0 -0.3 -2.0

Sources: Piraeus Bank Research, National Statistical Sources

-6

-5

-4

-3

-2

-1

0

1

2

-14 -12 -10 -8 -6 -4 -2 0 2 4

Gen

eral

Go

vern

men

t B

alan

ce (%

GD

P)

Current Account Balance (% of GDP)

2010/15

2000/09

BGN

RSD

CYP BGN

UAH

ALL

ALL RSD

RON

UAH

CYP

RON

Deflationary Pressures Remain as Inflation…

…hovers below the Central Banks’ targets

-10

0

10

20

30

40

50

60

70

-4

-2

0

2

4

6

8

10

12

Jan-

07M

ar-0

7M

ay-0

7Ju

l-07

Sep

-07

Nov

-07

Jan-

08M

ar-0

8M

ay-0

8Ju

l-08

Sep

-08

Nov

-08

Jan-

09M

ar-0

9M

ay-0

9Ju

l-09

Sep

-09

Nov

-09

Jan-

10M

ar-1

0M

ay-1

0Ju

l-10

Sep

-10

Nov

-10

Jan-

11M

ar-1

1M

ay-1

1Ju

l-11

Sep

-11

Nov

-11

Jan-

12M

ar-1

2M

ay-1

2Ju

l-12

Sep

-12

Nov

-12

Jan-

13M

ar-1

3M

ay-1

3Ju

l-13

Sep

-13

Nov

-13

Jan-

14M

ar-1

4M

ay-1

4Ju

l-14

Sep

-14

Nov

-14

Jan-

15M

ar-1

5M

ay-1

5Ju

l-15

Sep

-15

Nov

-15

Jan-

16M

ar-1

6

Countries with Piraeus Bank Presence, excl. Greece & Ukraine (L)

European Union (L)

-10

-8

-6

-4

-2

0

2

4

6

8

10

Q2

.08

Q3

.08

Q4

.08

Q1

.09

Q2

.09

Q3

.09

Q4

.09

Q1

.10

Q2

.10

Q3

.10

Q4

.10

Q1

.11

Q2

.11

Q3

.11

Q4

.11

Q1

.12

Q2

.12

Q3

.12

Q4

.12

Q1

.13

Q2

.13

Q3

.13

Q4

.13

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.16

% yoy

European Union

Countries with Piraeus Bank Presence, excl. Greece & Ukraine

44

4 Amerikis St, 105 64 Athens Tel. : (+30 ) 210 3335027-5062-5739, 3288332 [email protected]

Bloomberg: TPEIR GA | Reuters: BOPr.AT

ISIN: GRS014003016 | SEDOL: BYWKR93

www.piraeusbankgroup.com

Piraeus Bank IR Contacts

• George Marinopoulos

• Chryssanthi Berbati

• Vicky Diamantopoulou

• Antonis Sagris

45

Documents

Q1.2016 Financial Results - Piraeus Financial Holdings/media/Com/2016/... · 1.1 Q1.2016 at a Glance 1.6 NPL, ΝPE Movement 1.2 Operating Performance 1.7 Developments post Q1.2016