Banco Bpm, the institute born from the merger between Banco Popolare and Popolare di Milano and led by Giuseppe Castagna, has communicated the results for the first nine months of 2017, closed with a net profit of 3,13 billion euros, result which includes an extraordinary item of 3,08 billion euro, relating to the merger between the two institutes. Net of this item, the final result is equal to 52,73 million and compares with the loss of 632,66 million euros recognized in the first nine months of 2016.
Operating income rose from 963,05 million to 1,16 billion euro (+20,1%), while operating income fell by 1,7% from 3,53 billion to 3,47 billion euros, despite the sharp increase in net commissions.
At the end of September Common Equity Tier 1 was 11,01% (11,65% net of the impact deriving from the exercise of the put options by Unipol Sai on Popolare Vita and by Aviva on Avipop), on the basis of a of approximately 12,42 billion euros.
Also at the end of September, net loans to customers amounted to 107,9 billion euro, down by 4% compared to 110,6 billion at the beginning of the year. The drop is exclusively attributable to the sharp decrease in net non-performing loans, which fell by approximately €2,2 billion in the first nine months, while performing loans recorded an increase of approximately €0,5 billion. At the same date, impaired loans amounted to 14 billion euro, a decrease of 13,7% compared to the value at the beginning of the year.
The coverage ratio of the entire impaired loan aggregate stood at 49,1% (which rises to 50,7% including write-offs), up from 37,5% (47,9% including write-offs) of beginning of the year.
