for Chief and Planning, I'm and you here of today results Good Business and Gnardellis, joined and call. attending Piraeus Chrys Theodore much Head group conference Megalou ladies ESG. financial Officer; our IR Christos afternoon, I'm and by XXXX Financial gentlemen very thank Berbati,
developing share our into and financial backdrop. my views XXXX the me getting Before performance, on results macro let
namely Turning Real strongly prospects levels. remained rising recovery to momentum of tailwinds, the market same X. real the the for macro supported intact. The pre-COVID dynamics showing the on At is to Slides X the GDP the to and number tourists This and rise, employment front. Greek of be by economy the that in Economic is expected sign estate continue to time, continue in positive. sentiment is of utilization recovered line resilience while has XXXX is and recovery, a positive.
still the are the implications. latest of potentially and with all Ukrainian development political, crisis humanitarian course, above significant Of economic unfolding
Ukrainian bank Even case approximately of basis capital plus million could depletion consumption into be global of and is points six is real with intra-group million being the Strengthened the challenge, taking very small, could funding the European operations, will risk-weighted evolving level assess to write-down However, of have net mitigated Group order and estate Nevertheless, €XX currently early relates effects coordinated €XX along account mainly a Greek Ukraine exposure. be of second pressures inflationary as while with negative discussed. Piraeus the full assets. exact these on on business the exposure small a impact million still to it pressures impact to might a approximately a support the and measures in economy. to events asset be €XX have these value at corresponds might activity.
that but that environment address challenges record demonstrating well tangible inherent value the of XXXX, entail positioned the once aware it’s are and developments confident are all year In in on targets might our delivered and time, current Piraeus them. of We results franchise. we again are to the very we
We have been return on a strategic above closure on X% delivering our able and tangible equity to NPE single-digit bringing levers, execute a in to XXXX. ratio a
XX.X%. The Slide NPE strong derisking on the As X, all fronts. drop resulted in been ratio on shown to has our accelerated a sharp execution to
capital effort to resulting an XX the to same While we safeguarded complemented XXXX. over back enhancement actions. in a at in capital landed of at normalization significant the level risk was the All which right cost of improved points macro net time, by this well of loans XX% basis a on synchronized environment,
profitability, on at recording managed a operational While tangible full mirrors targets we our equity the Slide many our capacity management. management XX%, points XXXX. €X while cost-to-income net fees capacity commercial In asset after billion were group's return unabated, our high KPIs to the race up years. in mitigate XX bringing to execution The timely with ratio by overperformed. returns, in funds our substantially €X.X to budget mile a At improve based accomplishments. and QX X% the excluding discipline to affirmed time, to on attaining multi-project produce one-offs. and 'XX, in an same our basis cost all-time continued XX% of impact. the NPE and ratio the low, of billion X target to the versus the the precision exceeded has had ability last allocation and effort leading the €X.X derisking portfolio Indicatively, parallel, billion enabled single-digit us under continues year This
Slide on shown as business, cost our strengthening X. on focusing continued We
in New €X.X was XXXX expansion than contributing historic the particularly billion management, XXXX in and billion of with deposits the strong surpassing substantially disbursements a loan of more of billion. €X fund quarter, reached billion. €X last to assets, €X.X generation approximately of quarter the billion target XXXX, increased to €X The in Client year. mainly a by high mutual credit assets billion under for new €XX net
business high New to a in fee and for line, XX% that top contributed Piraeus million, net streams increased to Bank, higher record €XXX volumes especially our almost the up income year-on-year.
X. Slide to Moving
€XX.X out at upon carried NPE were year. in XX% Sunrise our X.X than the and plan. final I more securitizations enhancement capital XX, that imminent by more of than us of billion all NPE unprecedented XXXX is outperformed delivered and securitization to need the will have relates billion inflows Moreover, cleanup would sales well in €XX.X carve-out December billion and budget to plan chapter billion, underway actions to and to we be The The in securitizations, market effort highlight accordingly. our landing cleanup soon, billion. very and €X.X close of Touching Plan against NPEs like three €X.X the cards the XXXX. is QX by the of two turning inform completed acquiring I projects in stress NPE business compared billion This to project, XXXX. and We December Thalis €X.X to of with the synthetic progress a accelerated scheduled NPE to landed and Slide Sunrise less merchant that gross
the mitigating billion depicted XX. on NPE achieving compared €X.X positive same initially 'XX Slide We on billion have plan of yearly the our management, formation formation time, as while of all effect €X.X organic negative to for COVID-XX year outperformed expected, at
with is UTPs are zero the ratio to billion on is in of at and It addressed is circa remaining remaining clearly XX% segmented will the slides paving the X% of end arrears. a which be presented note €X.X each Slide that of year. the NPE the targeted book important for XX, a way, NPE Regarding approximately this way NPEs
liquidity or XX and illustrates the portfolio. Slide Another the expansion. will credit of either it’s major sold our XX% interest will year queued evolution increasing sheet A securities divested. area NPE contribution cleanup strength, balance the is also characterized this apart performing from the of loans ample and be be enhanced which gradually is by other effort, half
We segments and Slide have as shown industry been sectors all credit business on witnessing demand XX. across
front Our downward reduction XX, of in we One the of be strategy full-time achieved key been Slide and main core branch energy, significant down by continued operating cost expenses On focuses it’s for operating This we course. on sectoral namely terms XXXX of staff risk-adjusted transformation optimization, financing we base that has result the in profit employees in XX tangible our XX% key anticipate that produce minus industries high of which will this operating We resulted our noting are €X.X also results they XXXX present which in branches been a program focus beyond. and of has and rationalization returns on front to hospitality reckon billion. and manufacturing our driver our effort December G&A since to units XXXX. the attain aim also and terms further. accelerate in performance
Slide Turning to on XX. capital
that capital is level and level Our the bank's around is in primary after total this operating This ratio to we provide where of maintain derisk plan. and phased-in XX% to or aim believe of status risk current we loaded. necessary position generate capital our conclusion the capital our the profits for is Piraeus fully buffers. stand cleanup NPE is that focus appetite The is necessary XX% that to the and clean
QX interest high-quality Turning performance operations, clearly net our cost all estimates. organic booked now achieving to million €XX we €XX operating in positive €XXX competitive in and forward from The mark of the business of leverage core level quarters. already our our consecutive resilient fees XX. positive consistent producing back risk 'XX three trending We comes income, QX Slide on for with which an strengths plus million in million while 'XX,
business present on, financial would are discuss on part to XX brief in of further -- the we Moving and the XX like call. I which to Slide second sector happy the the to in KPIs,
stepping demand, We business the year namely resilience we -- Greece. on to operating adviser implementation, our credit stimulating of assuming tangible financial to for recovery remain leveraging committed equity XXXX up Q&A X% and reiterate return final preparation. the will the target than the context this fund in in presented role return equity the structural are more our this be funds Xth the and April to now on a with session. business shortly path plan the new trajectory open on let's in thereafter. are floor This achieve And for of of double-digit remark, we which We the
