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TPEIRFinancial Services · Banks - Regional · ΧΑ

Piraeus Bank

€9.642
−0.38(−3.82%)
Close 08/10/2026 · end-of-day price, not real-time

Piraeus Bank (TPEIR) closed at €9.642 on 08/10/2026, -3.82% on the day, on 1.8× its 10-day average volume. Market cap €11.9bn, P/E 11.21, dividend yield 4.15%.

My view
Private · MENTOR takes it into account
+28.0%6M
08/10/2026Close 9.64−3.82%+28.0% since start

Valuation

Peers: 5
MetricTPEIRPeer median
P/E11.214.2
P/E (forward)9.310.7
P/B1.31.7
P/S4.85.8
Dividend yield4.1%2.7%
Payout ratio0.0%32.1%
Operating margin64.8%59.7%
Net margin43.0%44.8%
ROE12.0%13.6%
Revenue growth (quarter, y/y)21.2%7.1%
Net debt€158.0m−€487.6m
Twelve Data · latest quarter 30/06/2026

Same industry: Banks - Regional

P/BDay
EurobankEUROB1.5−3.7%National Bank of GreeceETE1.7−3.1%
Piraeus BankTPEIR1.3−3.8%
Bank of CyprusBOCHGR1.7−3.5%Optima BankOPTIMA3.2−5.2%CrediaBankCREDIA1.5−4.6%

The company

AI-drafted

Piraeus Bank is one of Greece's four systemic banks, with a 28% share of domestic deposits and 4.5 million active customers. It earns mainly on the spread between €68.4bn of deposits and €39bn of loans, and additionally from fees, asset management and insurance premiums after buying Ethniki Insurance. It operates almost entirely in Greece.

How it makes moneyH1 2026 · basis: other
  • Net interest income1(income composition, not segments)68%
  • Revenues from services1(fees, insurance, other income)32%
  • Trading and other result1(marginally negative in H1 2026)share n/a
It is
  • A systemic bank with the largest deposit share in Greece, 28%, and 26% of performing loans.2,3
  • Since November 2025 also an insurer: it owns 100% of Ethniki Insurance, with a 13.9% share of the insurance market.2
It is not
  • No longer a holding company: Piraeus Financial Holdings was absorbed by the bank in December 2025 and delisted.6
  • Not state-controlled: the HFSF sold its 27% in March 2024 and the only holder above 5% is Paulson with 14.18%.2,5
  • No longer a bad-debt bank: the NPE ratio is 2.2%, down from 6.8% at end-2022.1,4
Recent developmentsAll company events →
  • Sep 2026The revised calendar sets 28 December as the planned start of the extraordinary distribution, subject to approvals.10
  • Sep 2026Ethniki Insurance priced €200m of Tier 2 and restricted Tier 1 capital instruments.9
  • Aug 2026Piraeus priced a €500m senior preferred bond with a 4.00% coupon.8
  • Aug 2026Payment of a €494m capital return out of 2025 profits began on 5 August 2026.7
  • Dec 2025The reverse merger completed: Financial Holdings was absorbed and the bank's new shares started trading on 22 December.6
  • Nov 2025Acquired 100% of Ethniki Insurance from CVC and National Bank of Greece for €624m.2
Key figures
  • Return on tangible book value 15.7% H1 20261
  • NPE ratio 2.2% Jun 20261
  • CET1 ratio 12.8% Jun 20261
  • Customer deposits €68.4bn Jun 20261
  • Performing loans €39.0bn Jun 20261
Key facts
  • 384 branches, 4.5 million active customers and 8,518 employees at the end of June 2026.1
  • The only shareholder above 5% is Paulson & Co. with 14.18% at 31 December 2025.2
  • Ethniki Insurance acquired for €624m in cash in November 2025.2
  • 2026-2030 targets: about 18% return on tangible book value by 2030 and about €5bn of distributions.3
  • Investment grade from every agency after S&P's upgrade to BBB- in July 2026.1
Sources
  1. 1.First Half 2026 Financial Results press releasePiraeus Bank · 29/07/2026official
  2. 2.Annual Financial Report 31 December 2025Piraeus Bank · 25/02/2026official
  3. 3.Strategic Plan 2026-2030 Capital Markets Day releasePiraeus Bank · 05/03/2026official
  4. 4.Full Year 2023 Financial Results press releasePiraeus Financial Holdings · 14/02/2024official
  5. 5.Annual Financial Report 31 December 2024Piraeus Financial Holdings · 27/02/2025official
  6. 6.Completion of the reverse merger and commencement of trading of the new sharesPiraeus Bank · 19/12/2025official
  7. 7.Updated 2026 financial calendar and capital-return payment datePiraeus Bank · 05/08/2026official
  8. 8.Piraeus prices €500m senior preferred bondPiraeus Bank · 28/08/2026official
  9. 9.Ethniki Insurance €200m Tier 2 and restricted Tier 1 pricingPiraeus Bank · 03/09/2026official
  10. 10.Revised 2026 financial calendarPiraeus Bank · 18/09/2026official
AI-drafted from the cited sources · 30/09/2026 · v4 · ✓ checked by an independent second modelPiraeus Bank S.A.Website ↗
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Data: Twelve Data · End-of-day prices · Nothing here is investment advice.