Il Bpm bank closed last year with record levels for the profitability, with a net result of 703 million. The adjusted net result (adjusted) rises to 886 million, which represents the best result since the birth of the group. Revenues stood at 4,7 billion with a growth of 4,3% compared to 2021, thanks to the positive contribution of the interest margin (+13,4% year on year) and the contribution of the insurance business.
The dividend increases to 0,23 euro per share
The board of directors (which will expire in the coming months) has resolved to propose a cash dividend per share to the next shareholders' meeting 0,23 of euros (+21% compared to 2022), gross of withholding taxes, for a total amount of 348,5 million. The distribution, if approved by the shareholders' meeting, will take place on 26 April with coupon detachment on 24 April and record date on 25 April.
Objective "Increase the 2023 target"
The "excellent results" for 2022, says the bank's note, allow Banco Bpm to "increase the 2023 profit target". The goal is now to exceed 0,6 euro per share against the target set by the plan of 0,49 euro. The institute therefore expects "a significant improvement in the group's net profit" in 2023 "compared to last year, with a trend that, even in projections, exceeds both the profitability trajectory" and the overall targets outlined in the strategic plan". Furthermore, the growth rate is "deemed sustainable also in the following years, on the basis of the current macroeconomic scenario".
The list of names to renew the board of directors is expected to be completed by the end of the month on 20 April
The working outline foresees that, on 12 members indicated in the list of the outgoing board of directors, there are eight confirmations and four changes. Of these, two welcome to the French (but independent names, not attributable to Crédit Agricole first shareholder) e two to the Foundations- Coffers of the Consultation Pact, which has 8,28%. Two more places will go to the minority list, which will promote Assogestioni, and which could attract the contribution of Davide Leone & Partners, with a 4,7% share, provided that the renewal of the chairman remains a fixed point Massimo Tononi. The current vice president Mauro Paoloni should go to the 15th seat, which the Articles of Association offer to employees. The presidency of Tononi and the office of CEO for Giuseppe Castagna seem to be armored. The French shareholder, in harmony with the top management and so far satisfied with the investment, will vote for the outgoing list: for some, he would like the chairmanship of the board of statutory auditors, which goes to the least voted list (while other circles deny this). If this is the scheme, some pieces are not yet fully in place. Two candidates for the Pact should be one appreciated by the Crt Foundation, with 1,8%, and one by Enpam (1,95%). Solution that leaves the Carilucca Foundation unhappy, which has repeatedly asked for representation for the Tuscan area, but has little chance. There is also another person who would like to join the governance: Enasarco, which owns 1,97% of Banco Bpm without contributing it to the Pact; just as 0,65% of Enpaia and 0,3% of Enpaf are out. Even these aspirations will hardly be realized (but Enasarco could enter the boards of subsidiaries).
Castagna: in 2023 the dividend policy could be changed
"We are very happy and proud to present the best results since the bank's inception," he said Chestnut analysts, against a quarterly profit more than doubled to 210 million, above the 179 estimated. Profit growth for the year is 23,5%, the dividend payment will rise by 21%. The strong pull of rates on interest margins made it possible to raise the estimates of earnings per share for 2023 (from 49 to 60 cents), 2024 (from 69 to 75) and up to 90 in 2025. “After the appointment of the new board we could review the strategic plan, extending it to 2026 – said the CEO - Maybe 2023 will be a good year to change the dividend policy”, which already rose from 2022% to 40% of profit in 50.
Continue the derisking process
Continue the path of derisking (2,6 billion in 2022, including the sale related to the project Argon, finalized in the second quarter of the year) which made it possible to continue the action to reduce NPLs, the incidence of which on total gross loans is reduced to 4,2%, bringing the total of gross non-performing loans from 6,4 billion at the end of 2021 to 4,8 billion.
As regards the capital ratios, at the end of 2022 the coefficient Cet1 fully phased was 13,3%, with the fully phased Mda buffer at 464 basis points. For the full year, Banco Bpm expects a "significant improvement in the net profit" of the group compared to last year, with a trend that, even in projections, exceeds both the profitability trajectory and the overall targets outlined in the strategic plan.
