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Piraeus Bank Group announced results for the 1st quarter 2009
23 June 2011

On 20th of May Piraeus Bank Group announced results for the 1st quarter 2009 in Athens. «Asset quality, capital adequacy, high liquidity and significant cost containment were our key priorities during the first quarter of 2009, with the aim to further safeguard the Bank. Furthermore, emphasis was placed on servicing and supporting our customers. Our efforts rendered results», –Michalis Sallas, Chairman of the Board of Directors said on the occasion of the Group`s Q1 2009 Results announcement. 

Piraeus Bank Group total assets amounted to €54 bn as of 31.03.2009, increased by 11% y-o-y. The annual growth rate of loans reached +14%, with the outstanding loans balance at €38.6 bn at the end of March 2009. The loan growth rate reflects both the continuous focus on the Group’s customers, as well as the prevailing conditions in the deposits’ market.
Deposits and retail bonds reached €31.0 bn at the end of March 2009, increased by 14% y-o-y, while term deposits increased by 27% y-o-y.
The capital adequacy ratio, including Q1 2009 profit, stands at 10.0% (est) with Tier I at 8.1% (est), while adjusting for the share capital increase of €370 mn with the issuance of preference shares in favor of the Greek State (the procedure for the increase of the share capital was complete on 22.05.2009), these ratios set at 10.9% and Tier I at 8.9%. These indicators are among the best in the European market, demonstrating strong financial health of Piraeus Bank Group and soundness of the Group`s capital base.
The Group’s total equity increased slightly compared to Dec.’08 at €3.1 bn as of 31.03.2009.
The Group`s Q1 2009 financial results show Piraeus Bank Group operations remain profitable despite difficult market environment. Profit before taxationand provisions amounted to €149 mn. The Group`s net interest income constituted €255 mn.
Michalis Sallas in his comments about profitability of Piraeus Bank Group`s operations stated: «As the initial signs of regaining confidence to the global economy prevail, the money and capital markets are being gradually normalized and the interest rate levels are being rationalized. This allows us to estimate an improvement of profitability in the following quarters».
Note. Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of 53,8 bln (as of 31.03.2009). Established in 1916, Piraeus Bank today has presence in Greece, Ukraine, Romania, Bulgaria, Albania, Egypt, Serbia, Cyprus as well as in the world financial centres of New York and London. Piraeus Bank S.A. leads Piraeus Bank Group, which consists of 9 banks and 21 companies covering the entire range of financial services. The Group's personnel are 14000 employees.
OJSC "Piraeus Bank ICB" is a legal successor of OJSC "International Commerce Bank", a Ukrainian bank acquired by Piraeus Bank in September 2007. The regional network of Piraeus Bank ICB covers 14 regions of Ukraine.
Piraeus Bank is a member of Association of Ukrainian Banks and a participant of the Fund of Guaranteeing the Deposits of Individuals.
Piraeus Bank Press Service in Ukraine
Andriy Sakhno
phone/fax: +38(044)495-8888