In the first half of 2024, B for Bank has registered a net profit of 724,2 million euros, up 2,8% compared to the same period of the previous year. This increase occurred despite an expenditure of 109,6 million euros for contributions to systemic funds. Despite the growing net profit, thesecond quarter profit fell to 267 million euros, compared to 457 million in the first quarter and 414 million in the second quarter of 2023.
Il interest margin it rose to 1.682,5 million euros (+8,9% s/h), thanks to the increase in interest rates. The net commissions they reached 1.014,7 million euros (+4,0% s/h), with investment services and the insurance sector showing significant increases.
Operating costs increase
The increase in operating expenses was significant, with a total of 1.569,7 million euros in the half-year, compared to 1.340,2 million in the previous year.
- operating charges they increased to 1.569,7 million euros, compared to 1.340,2 million the previous year. Of these, 1.060,2 million euros are personnel expenses, including 173,8 million euros for the extension of the maneuver organic optimizationi, which provides for approximately 600 additional early releases.
The cost income ratio remained stable at 50,6%, while the annualized cost of credit fell to 41 basis points, compared to 48 basis points in 2023.
La total collection increased to 298,7 billion euros (+2,9% from the end of 2023), and net loans to customers rose to 89,0 billion euros (+0,8% compared to the end of 2023). Capital ratios improved: CET1 ratio at 15,3%, Tier 1 ratio at 16,5%, and Total Capital ratio at 19,8%.
Banca Bper: 2024 guidance updated
For 2024, Bper Banca has updated forecasts compared to 2023 results: the interest margin is expected to be stable, net commissions should grow thanks to revenues from management and consultancy, and operating expenses are expected to increase slightly. An improvement in the cost of credit and ordinary net profitability is expected in line with 2023, net of tax effects. The bank's capital solidity should be confirmed and strengthened.
The bank is preparing the new industrial plan, which will be presented by the management team on October 10th in Milan.
“The activity of the semester confirms the commitment of all colleagues aimed at continuous and constant generation of value – commented the CEO Gianni Franco Pope – All divisions contributed, both in terms of revenues and thanks to rigorous cost discipline. Credit risk indicators continue to remain at low levels. The Bank's capital position and liquidity levels remain solid, thanks also to the continuous generation of capital, enabling us to confidently manage a macroeconomic scenario characterized by great uncertainty. We are working to define the our new industrial plan which, together with the management team, we will present on October 10th in Milan. A growth-oriented plan that will allow us to continue to create value for all our stakeholders."
