Piraeus Financial Holdings S.A. ADR (OTCPK:BPIRY) Q1 2025 Earnings Conference Call May 6, 2025 6:00 AM ET
Company Participants
Christos Megalou – MD, CEO & Executive Director
Theo Gnardellis – Executive General Manager & Group CFO
Conference Call Participants
Eleni Ismailou – Axia Ventures
Alexander Demetriou – Jefferies
Mehmet Sevim – JPMorgan Chase & Co
Gabor Kemeny – Autonomous Research
Andreas Souvleros – Eurobank Equities Investment Firm S.A.
Osman Memisoglu – Ambrosia Capital
Ilija Novosselsky – BofA Securities
Operator
Ladies and gentlemen, thank you for standing by. I am Nina, your Chorus Call operator. Welcome, and thank you for joining the Piraeus Financial Holdings Conference Call and Live Webcast to present and discuss Piraeus First Quarter 2025 Financial Results. At this time, I would like to turn the conference over to Piraeus Financial Holdings CEO, Mr. Christos Megalou. Mr. Megalou, you may now proceed.
Christos Megalou
Good afternoon, ladies and gentlemen, and good morning to those joining us from the U.S. Today, we will cover our first quarter 2025 financial results. This is Christos Megalou, Chief Executive Officer, and I’m joined today by our CFO, Theo Gnardellis, Chryssanthi Berbati and Xenofon Damalas.
Piraeus started the year strongly, delivering a solid set of financial results in the first quarter, confirming its good progress towards achieving or surpassing its full-year targets. I am proud of our results and thankful to our people for their hard work. Before going into more detail on the group’s performance, I’d like to comment briefly on the current macroeconomic environment. As you can see in Slide 4, the Greek economy is well-positioned to navigate the uncertainty of the global macro landscape. In 2024, the Greek economy sustained its growth momentum with GDP increasing by 2.3% and significantly exceeding the Eurozone average of 0.9%, with one of the highest primary surpluses in the EU at 4.8% of GDP. GDP growth is
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