Banco Bpm closed the first half of the year with a net profit of 353 million, more than tripled from 94 million as at June 30, 2017. Operating income in the period grew by 6,1% against a reduction in operating costs of 4,4%. Deposits remained substantially stable at 107,7 billion while loans amounted to 106,7 billion, with a 27,1% decrease in non-performing loans compared to last December. As regards coverage, non-performing loans have a coverage of 51,2% compared to 48,8% in 2017 and non-performing loans 66,2% compared to 58,9% last year. The interest margin is 1.180,1 million; net of the IFRS 9 reclassifications, the figure stood at €1.051,2 million compared to €1.032,2 million in the first half of 2017 (+1,8% net of the non-recurring effect of interest on TLTRO-II loans relating to 2016). Operating costs (net of charges relating to the banking system) decreased in the first half to 1.390,7 million, compared to 1.454,1 million as at 30 June 2017 (-4,4%).
Non-performing loans decreased to 2,9 billion, while it was identified the 'short list' for the sale of another 3,5 billion Npl. The group announced that it "will evaluate a potential further acceleration of the disposal plan". Three players are involved: the consortium made up of DoBank, Fortress and Spaxs (the Spac founded by Corrado Passera), the one made up of Credito Fondiario and Elliott and the one made up of Christofferson Robb & Company Davidson Kempner and Prelios.
The accounts were released at the end of a complicated day for the Banco Bpm stock on the Stock Exchange: at the beginning it came to lose almost 3%, then recovering in the final and limiting the damage with -0,8%, in any case in significant contrast with the trend of the Ftse Mib, which closed in positive territory of 0,8 %.
