trending Market Intelligence /marketintelligence/en/news-insights/trending/bx58lvldn9xtxeykdklx0w2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Piraeus Bank posts Q4'17 profit despite rise in loan impairment losses

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


Piraeus Bank posts Q4'17 profit despite rise in loan impairment losses

Piraeus Bank SA reported a fourth-quarter 2017 net profit attributable to shareholders from continuing operations of €12 million, compared to a loss of €17 million in the previous quarter.

Net interest income dropped quarter over quarter to €398 million from €421 million, as did net fees and commission income, to €87 million from €124 million. Pre-provision income came in at €144 million, down from €296 million in the previous quarter.

The Greek bank booked €1.18 billion of fourth-quarter impairment losses on loans, meaning that it made a pretax loss of €1.17 billion, but it booked a €1.18 billion income tax gain, leaving it with the €12 million profit. Loan impairment charges in Greece amounted to €1.13 billion in what the bank called "a major step in addressing the problematic portfolio and substantially increasing coverage levels."

For full year 2017, the bank posted a net profit attributable to shareholders from continuing operations of €2 million, down from €37 million a year ago.

Net interest income for the year stood at €1.67 billion, lower than €1.77 billion in 2016, although net fees and commission income increased on a yearly basis to €369 million from €309 million. Pre-provision income declined year over year to €992 million from €1.04 billion.

The bank's impairment losses on loans rose year over year to €2.01 billion from €1.00 billion. Piraeus booked a pretax loss of €1.208 billion and an income tax gain of €1.206 billion.

Piraeus Bank said its nonperforming exposures and loans have been declining for nine consecutive quarters. NPEs stood at 56% of total loans at the end of 2017, NPLs at 35%.

Coverage of NPLs and NPEs stood at 75% and 47%, respectively, rising to 83% and 52% pro forma for the effect of the Jan. 1, 2018, implementation of IFRS 9 accounting rules.

The phased implementation of IFRS 9 will lead to an impact of approximately 25 basis points on Piraeus Bank's common equity Tier 1 ratio in 2018. Taking into account divestments in progress, the phased-in CET1 ratio as of Dec. 31, 2017, was 15.7%, or 15.4% pro forma for IFRS 9 effects.