The stock of Banco Bpm runs in Piazza Affari, which, after having managed to gain 4% at the opening, in mid-morning rises by 2,5%, to 3,34 euros, achieving the best performance of the Ftse Mib. Two factors triggered the wave of sales on the bank's shares: the news of the sale of Banca Aletti to Anima Holding for 700 million euros in cash and the publication of half-yearly data.
The possible transfer of the delegated management activities currently held by Banca Aletti is added to the agreement with Anima for an indicative value of a further 150 million euro. The agreement also provides for a strategic partnership between the Banco Bpm Group and Anima for a duration of 20 years.
As for the financial statements, Banco Bpm closed the first half with a net profit of 94 million, against a pro forma loss of 230 million in the same period of 2016. The half-year profit was 3,17 billion considering the badwill that emerged a following the merger between Banco Popolare and Bpm.
In the second quarter alone, however, the result was negative by 21 million against a profit of 46,8 million in the second quarter of last year. In the first half, operating income amounted to 2,4 billion (-0,4%), with net interest income of 1,06 billion (-3,1%) and net fee and commission income of 1,1 billion (+15,7 %).
Operating expenses decreased by 5,5% to 1,5 billion, for a cost/income ratio down to 64,1%. Loan impairment adjustments almost halved to €647 million, compared with €1,14 billion in the first half of 2016, for a credit cost of 118 basis points. The fully phased pro forma Cet1 coefficient (which also considers the capital gain of 700 million which will be recorded following the sale of Aletti Gestielle to Anima Holding) is equal to 11,31%.
