ΝΒG Securities: Ο πρώτος σχολιασμός της για το τρίμηνο της Piraeus Bank

25.05.2016 18:22
Subject: Piraeus Bank – 1Q16 results – first read

Piraeus Bank <BOPr.AT/TPEIR GA – Outperform>

(in EUR m) 1Q16 1Q16e Diff 4Q15 Chg. q/q
NII 478 468 2% 463 1%
PPI 263 267 -2% 117 128%
Loan provisions 289 298 -3% 1,384 -78%
Net income -37 -24 55% -1,239 n/m

·         In line with our estimates

·         Marginally loss-making

·         NPLs dropped by EUR0.5bn

·         Negative NPL formation (both in Greece and abroad, as well as in all loan categories) and reduced cost of risk

·         Eurosystem funding reduced to EUR30.4bn at the end of March 2016 from EUR32.7bn in December 2015





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