Piraeus bank announced losses of 1.238bn following conservative NPL policy to account for remaining AQR impairments while mark to market valuation in marketable securities and impairment assets of burdened bottom line with another €290m.
The following table summarise results vs our estimates:
Bank of Piraeus | Overview | ||||||
(In Million Euro) | 4Q14 | 3Q15 | 4Q15 Α* | QoQ | YoY | 4Q15 E | vs Est. |
NII | 513 | 478 | 463 | -3,2% | -9,7% | 477 | -2,9% |
Fee income | 87 | 73 | 79 | 7,5% | -9,2% | 73 | 7,8% |
Trading | -39 | 37 | 46 | 26,0% | 218,2% | ||
Other Income | -1 | 52 | 16 | -69,4% | 1330,8% | 30 | |
Total income | 559 | 641 | 604 | -5,7% | 8,1% | 580 | 4,1% |
Operating costs | -448 | -373 | -488 | -30,7% | -8,9% | -500 | 2,4% |
Pre-provision-profits | 111 | 268 | 116 | -56,6% | 4,8% | 80 | 45,1% |
Provisions | -519 | -276 | -1.384 | -401,1% | -166,7% | -1.600 | 13,5% |
Other results | -179 | 6 | -262 | -4174,7% | -46,4% | -100 | -162,0% |
PBT | -593 | 38 | -1.530 | -4167,4% | -157,9% | -1.620 | 5,6% |
Corporate taxes | 254 | 444 | 290 | -34,6% | 14,2% | -470 | 161,7% |
Net profit (continued) | -339 | 483 | -1.240 | -350,1% | -256,3% | -1.150 | -5,1% |
Discontinued operations | 7 | 20 | 31 | ||||
Net profit | -332 | 503 | -1.271 | ||||
Minorities | -7 | 0 | -2 | ||||
Attributable net profit | -325 | 503 | -1.238 |
*Figures not directly comparable due to the exclusion of Egyptian subsidiary in 4Q 2015 figures.
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Μanos Chatzidakis
Head of research
Beta Securities S.A.
29 Alexandras Ave.
GR – 11473
Athens, Greece