Banco Bpm returns to profit in 2019. The Board of Directors approved last year's accounts on Thursday, closing with net profits of €797 million, which compares with the loss of €59,4 million recorded in 2018. At an adjusted level, the institute note reads, the The profit for the year amounted to 648,6 million (+89,2%).
In the fourth quarter alone, Banco Bpm made a profit of 95,8 million, against the loss of 583,9 million in the same quarter of 2018 (which discounted loan adjustments of almost one billion) and above the consensus, which stopped at 90 million EUR.
Confirmed the return of the coupon for shareholders for an amount equal to 0,08 euro per share, with a dividend yield of 4,1%.
The green light to return to the dividend however, it arrives "with prudence" in order to possibly "respond to requests that could arrive from the regulator", explained the CEO of Banco Bpm, Giuseppe Castagna, during the conference call with analysts on the 2019 accounts. year that we return to the dividend – continues Castagna – we must not forget it”.
The interest margin is down to 1,998 billion in 2019 (-12,9%), a trend that "feels from the negative impact of the lower accounting effect (-193,8 million), including that connected to the PPA deriving mostly from the sale transactions of non-performing loans from last year which, on the other hand, contributed positively to the drop in the cost of risk”.
Net commissions decreased to 1,794 billion (-3,6%) due to the "lower contribution of commissions on the maintenance and management of current accounts and the absence of commissions relating to the custodian bank business sold in the second half of 2018 (-12,9 million )”.
All in all, operating income they fell by 10,1% to 4,292 billion. Operating costs also decreased to 2,6 billion (-6,8%). On the derisking front, the net Npe ratio fell to 5,2% (it was 6,5% at the end of 2018) and the cost of credit decreased (73 basis points compared to 184 points in December 2018).
On the property side, the “phased-in” Cet1 ratio and the “fully loaded” Cet1 ratio rose to 14,6% and 12,8% respectively (vs. 12,1% and 10,0% in 2018). The stock of net non-performing loans amounted to €5,5 billion, down by €1,2 billion compared to the end of 2018 (-17,6%) and by €0,4 billion compared to the end of September 2019 (-7,0%). .
As for the coverage levels, unlikely to pay are at 39,1% (37% in September 2019), bad loans at 56,2% (55,8%) and non-performing loans at 45% (42,8%).
