Table of Contents:
Net profit increases for Banco Bpm
Banco Bpm recently announced financial results for the third quarter of 2024, closing with a net profit of €412.9 million. This represents an increase of 6.3% compared to the previous quarter, highlighting a robust performance despite current economic challenges. Ordinary consolidated net profit for the first nine months of the year amounted to €1,110.6 million, an increase of 2.2% compared to the same period of the
previous year.
Revenue performance and interest margin
In the first nine months of 2024, core revenues reached €4,025.9 million, showing an improvement of 5.0% year-on-year. This increase was supported in particular by managed collection commissions, which registered a significant increase of 13.7%.
In addition, the interest margin grew to €2,523.2 million, an increase of 6.0%, while net commissions generated revenues of €1,502.7 million, up 3.5%.
Credit quality and capital strength
Banco Bpm’s operational management is confirmed to be efficient, with a cost-income ratio of 49.5%. Credit quality remains solid, with a gross NPE ratio of 2.8% and net of 1.3%, and an overall coverage of non-performing loans at 54.4%, one of the highest levels in Italy. The cost of annualized credit stands at 39 basis points, an improvement of 15 basis points compared to the previous period. The
CET1 ratio is 15.8%, thanks to the high organic generation of capital, while EPS in the first nine months of 2024 amounted to €0.804, compared to €0.512 in the same period of the previous year.
Cash position and next steps
Banco Bpm’s cash position remains strong, with an LCR of 169% and an NSFR of 136%, both of which improved compared to the end of 2023. The ordinary and extraordinary shareholders’ meeting is scheduled for December, where additional strategies and future plans will be discussed. These positive results place Banco Bpm in a favorable position to face market challenges and continue to grow in the banking sector
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