Bper, who is preparing to continue his journey together with Popular of Sondrio, closed the first nine months of this year with theUseful of the parent company up 19,2% year-on-year to 1,32 billion, the best result ever also thanks to the contribution of the third quarter profit. Yesterday the two boards of directors they approved the merger project after the closure of the takeover bid launched by the Modena-based institute, foreseeing 290 million synergies in front of 400 million in costs One-off. The Emilia-based group also consolidated the numbers in the Valtellina area starting from July 1st and yesterday.
“While we remain focused on the commitments made to the market, we are already seeing the first signs that make us look with confidence and determination to the next chapter of our growth, aware that together we are and will always be stronger,” comments the group's CEO. Gianni Franco PopeThe top management announced that the preparatory activities for the Bper-Banca Popolare di Sondrio merger are "in full swing" for complete the merger by the second half of April 2026.
The market is rewarding the results and, on a weak day for the Milan stock exchange, is projecting the two stocks upwards from early trading. Late in the morning Bper is at +0,63%, Pop Sondrio at +1,06%.
Bper reported 12,5% revenue growth thanks to higher interest margins and commissions.
In the detail of Bper, in first nine months i revenues grew by 12,5% to 4,65 billion, of which 2,7 billion came from interest margin (down 3,6% but better than expected) and 1,6 from commissions Net commissions grew by 6,0%, driven by higher commissions for investment services (up 10,3% to €688,6 million), property and casualty insurance (up 16,3% to €82,6 million), and traditional banking (up 1,7%). The cost-to-income ratio stood at 46, with an annualized cost of credit of 24 basis points and net customer loans of €125,9 billion.
Bper, recalls the CEO Papa, has “about 20 billion in new financing at group level, continuously increasing compared to the first nine months of 2024, always with a high focus on credit quality". npl (bad loans) are at 2,3% of the portfolio at gross level and at 1,2% taking into account value adjustments while the capital position is “solid” thanks to a Cet1 ratio of 15,1%.
Popolare Sondrio: net profit up 18,7%
On the other hand the Popular of Sondrio recorded the best result in the history of the bank, with a Net income equal to 512,7 million, up 18,7% on the same period in 2024. revenues rose from 1,23 to 1,27 billion, also thanks to the contribution of both the interest margin and net commissions.
The result benefits from the growth of thecharacteristic banking activity whose revenues stand at 1.170,8 million euros, up 3,5% compared to 30 September 2024 with interest margin at +1,6% and commissions net +8,2%. The incidence of non-performing loans gross, measured by the gross NPL ratio indicator, decreased to 2,9% compared to 4% recorded at 30 September 2024. The incidence of net impaired exposures, which reflects the high level of provisions, stands at 1,1%, down from 1,7% recorded at 30 September 2024. The cost of risk is equal to 16 basis points, down sharply from 56 basis points.
La direct deposits from customers is equal to a growth of 1,7% to 45.258 million euros compared to the end of 2024. The core component of direct collection has increased since the beginning of the year, mainly thanks to growth in demand deposits while the institutional one records a contraction, despite the increase in bond loans. indirect collection of 52.119 million is little changed. Managed savings grew by 11,5% to 9.270 million, with net flows of approximately 722 million. customer financing grew by 2,5%. The bank, despite the extraordinary costs associated with the planned merger into Bper Banca, expects to achieve a result higher than that forecast in the 2025-2027 Business Plan approved last March.
Interim dividend of 10 cents per share. New post-merger guidance.
Il Bper board of directors has decided to distribute a interim dividend of 10 cents per share which will be paid on November 26th and has updated the target for 2025 taking into account the merger: they are expected to established level revenues for 6,4 billion, a cost-to-income ratio of less than 48 basis points, a cost of risk of less than 35 basis points and a Cet1 ratio above 14,5%. However, Bper's stand-alone guidance was confirmed.
In line with the programs described by Bper in the offer document approved by Consob, fusion “constitutes a strategic leverage consistent with the path of sustainable growth and value creation for all shareholders already outlined in the stand-alone industrial plans previously approved by the boards of directors of Bper and BP Sondrio, with respect to which it acts as an accelerator", says a note. exchange ratio The price has been set at 1,45 Bper shares for each ordinary share of Sondrio, with no cash adjustments. The transaction will involve the issuance of up to 126,9 million new Bper shares, with a maximum capital increase of €191 million.
Unipol is the first shareholder in Bper's new capital
After the merger, Bper's capital will see Unipol Assicurazioni first shareholder with 18,7%, Fondazione di Sardegna with 7%, BlackRock with 4,7% and JP Morgan with 3,3%, with a free float of 66,3%. The incorporation, classified as a "transaction with related parties of greater significance", will have to obtain the regulatory authorizations of the ECB and Bank of Italy.
With the merger the new group should achieve economies of scale, increase productivity, improve operational efficiency and optimize investments, the bank says. In this regard, it expects revenue synergies, estimated at around 100 million euros pre-tax per year, cost synergies, estimated at around 100% capacity 190 million euro pre-tax per year. integration costs They are estimated at a total of approximately €400 million pre-tax, one-off, and are expected to be supported by 75% by 2025 and the remaining 25% by 2026.
(Updated at 1:00 PM on November 6)
