A first semester to be framed for Bpm bank. Piazza Meda closed the period with results at historic highs, too thanks to rate hikes of interest to the ECB. Results beyond expectations, well summarized by leap in profit over the same period of 2022: +77,9% which corresponds to 624 million euros. And on the strength of accounts, the group led by Giuseppe Castagna has also raised its estimates for the current year: according to the new forecasts, 2023 will close with a profit above 1,2 billion euros, equal to at least 0,8 0,75 euro per share compared to the previous guidance of 0,9 euro and further up to 2024 euro in XNUMX.
The accounts of the banking group arrived after the closed market. At Piazza Affari the title accused one of more negative performances in the blue chip basket: -1,6% to 4,43 euros per share.
Castagna (to Banco Bpm): "M&A is not on the table"
"I don't think M&A is on the table right now, at least not between banks." CEO Castagna declared during the conference call for the presentation of the half-yearly accounts. “There could be something about factories produced,” he added.
Banco Bpm accounts for the first half of 2023
In the first six months i revenues they have practically doubled to 359 million, exceeding the 335 million expected by the consensus of analysts.
Il result of operational management it rises to 1.302 million euro compared to 1.016 million in the corresponding period of the previous year, with an increase of 28,2%.
Il interest margin amounted to 1.552,9 million (+49,4%), le net commissions drop to 948,2 million (-1,9%), while the gross result from continuing operations is 1.015,6 million (+55,4%). As for capital solidity, the CET 1 ratio “stated” is 14,2% (12,8% as at 31 December 2022).
Earnings revised upwards for 2023. New plan at the end of the year
In the light of the excellent results, Piazza Meda has improved the 2023 profit target. On the other hand, the projection for further growth for 2024 remains unchanged, equal to 0,9 euro per share (+12,5%). There guidance it "significantly exceeds both the profitability trajectory and the overall targets outlined in the strategic plan".
Furthermore, Banco Bpm announced that the new business plan, expected by the fourth quarter of 2023, will update the shareholder remuneration targets "reflecting the positive results achieved in terms of profitability and organic capital creation".
