The good net profit for three quarters of the year has allowed Banco Bpm to raise its targets for this year and next year. Piazza Meda has closed i first nine months 2022's with a Net income of €510,5 million, up by 8,2% compared to the same period of 2021, with the adjusted figure rising by 15,5% to €652 million. The institute - which speaks of "excellent results" in a note - can thus improve theoutlook for the whole of 2022, with earnings per share now expected at 0,45 euros from the previous 0,4 euro and to raise the earnings per share target also for the 2023, What will be greater than 0,6 euros against the previous estimate of 0,5 euro. The payout has been confirmed at 50%.
In the third quarter alone, profit rose 14,3% year on year to 126,5 million, above analyst forecasts.
Net interest income and fees improve core operating income
I core operating income equal to 3.167 million with a growth of 2,0% compared to the first nine months of 2021, saw the positive contribution of interest margin (+3,6% year on year) and of commissions net (+1,0% on year). “This dynamic, together with the careful management of costs, made it possible to achieve a cost/income ratio of 54,4%, an improvement compared to 55,2% in the first nine months of 2021 and 55,8% in entire financial year 2021” says a note from the institute.
Le adjustments to customer loans they stand at 498 million down by 26,1% compared to 30 September 2021, "while ensuring the maintenance of a solid loan coverage profile". Gross income from current operations rose to €1.001 million compared to €788 million in the first nine months of 2021, up 27,1%.
Il coefficient Cet 1 it is at 12,05% in fully phased terms and would be at 12,4% with the application of the Danish Compromise.
It continued derisking process (-1,8 billion in the nine months, including the sale relating to the "Argo" project completed in the second quarter of the year) which led to a reduction in non-performing loans, the incidence of which on total gross loans fell to 4,7 .5,3%, bringing total gross non-performing loans to 6,6 billion from 2021 billion in September XNUMX.
Continue the path in the insurance sector. New partnership by 2022
During the period, the Group laid the foundations for a complete integration of the insurance business with the acquisitioncompleted last July, of 81% of the share capital of Bipiemme Vita, for a consideration of 309,4 million. Bipiemme Vita in turn holds 100% of the share capital of Bipiemme Assicurazioni which operates in the non-life business. The two companies, which simultaneously changed their names to Banco BPM Vita and Banco BPM Assicurazioni, were consolidated line-by-line from 30 September 2022.
The desk "evaluations are continuing about a possible new partnership in the bancassurance sector exclusively for the Damage branch and has initiated in-depth analyzes from a strategic, financial and operational point of view of the non-binding offers received from some potential partners", writes the institute, reiterates that it has "initiated the process for the recognition of the status of financial conglomerate in view of the application of the Danish Compromise". The CEO Joseph Chestnut added: “I confirm that the process for the choosing a partner in the non-life insurance business is still ongoing and we trust to make a decision by the end of 2022“. On track there would be Axa which would have offered about 300 million, challenging Credit Agricole which is also the first shareholder of Piazza Meda.
Direct deposits down by 0,4% on December 2021, but +1,1% on the year
La direct bank deposits as at 30 September it amounted to 122,7 billion, down by 0,4% compared to 31 December 2021 but up by 1,1% compared to 30 September 2021. More specifically, the period recorded a contraction of 1,3 billion of the component represented by current accounts e deposits at sight of the commercial network (-1,2%). As for i bonds issued, the stock as at 30 September was 12,9 billion, down (-1,1%) compared to 31 December 2021.
