Banco Bpm closed the first quarter of 2019 with a net profit of 150,5 million, down 32,6% compared to the same period of 2018, when however the result had benefited from the capital gain of 184 million deriving from the reorganization of the bancassurance sector. Net of non-recurring items, the profit for the first quarter of last year would therefore have been 38,6 million. The consensus of analysts for the first quarter of 2019 was aiming for a profit of 147 million: the figure has therefore been improved.
The operating income of the third largest Italian banking group, which published its closed-market financial results, after finishing the session up 0,33% at 1,978 euros per share, was dropped by 8,9% to 1,06 billion, with interest margin at 505 million (-15,1%) and net commissions of 420 million (-11,9%). Operating expenses decreased by 4,4% to 670,5 million, for a cost/income ratio that rose to 63%. As for capital solidity, the cet1 ratio phased in is 13,7%, the fully phased ratio is 11,8%.
Direct funding from customers is rose to 103,1 billion (€101,5 billion at the end of December 2018): the trend towards growth in "core" funding from current accounts and deposits was confirmed in the quarter (+2,3 billion compared to the end of the year) and the decrease in the more costly forms of funding (- 0,9 billion for bonds).
