OREANDA-NEWS. June 27, 2012. After the recapitalization by EUR 4.7 billion the bank’s total capital adequacy ratio is 9.0%

On May 30, 2012 Piraeus Bank Group announced its financial results for Q1 2012. After the EUR 4.7 billion recapitalization held in the frame of the advance of EUR 18 billion made by the Hellenic Financial Stability Fund (HFSF) to the 4 major Greek banks, Piraeus Bank total capital adequacy ratio was restored to 9%.

According to Q1 2012 results the Piraeus Bank Group total assets amounted to EUR 47.5 billion, gross loans to EUR 35.9 billion, deposits portfolio to EUR 20.9 billion.

Net revenues for the Group increased by 4% to EUR 392 million despite the challenging market conditions and at the same time Operating Expenses were reduced by 8% to EUR 174 million. As a result pre-Tax and provision profit was increased by 18% to EUR 217 mio compared to EUR 183 mio for the same period last year. While the effort to improve the credit quality of the portfolio resulted to increased expenses for Loan Loss Provisions, the recognition of the remaining deferred tax related to the PSI resulted to a Profit after Tax of EUR 298 million compared to a profit of EUR 9 million for the same period in last year.