WOOD Flash – Piraeus Bank: decent 3Q numbers, supportive asset quality trends
Piraeus Bank has reported 3Q bottom-line profit of EUR 31m, slightly above both our estimate and the consensus forecasts. The bank managed to report consistent growth in recurring pre-provision profitability, a solid improvement in asset quality trends (NPL flow negative for a third consecutive quarter) and good liquidity trends, with decent growth in deposits. The tangible book as of the end of September stood at EUR 7.5bn, or EUR 0.86/share, implying a P/TBV of just 0.16x. Although visibility (like all Greek banks) remains dependent on the domestic macro trends and an agreement between the Greek government and its creditors over the 2nd review, we expect the results to please the market.Piraeus Bank is a banking institute. Co. and its subsidiaries provide services in the Southeastern Europe, Egypt, as well as Western European markets. Co. and its subsidiaries operate in four main business segments: Retail Banking, which includes the retail banking facilities; Corporate Banking, which includes facilities related to corporate banking; Investment Banking, which includes activities related to investment banking facilities of Co. and its subsidiaries, including investment and advisory services, underwriting services and public listings, and stock exchange services; and Asset Management and Treasury, which includes asset management facilities for clients.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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