In Piazza Affari shines the star of Bper, which at the end of the morning - after a suspension in the volatility auction - snatches upwards by more than nine percentage points, to 1,565 euros, achieving the best increase on the Ftse Mib by detachment, which in the same minutes travels slightly below parity.
Bper Banca: financial results for the first half of 2022
Two factors triggered the wave of purchases on Bper shares. First, the accounts: the bank closed the first half with a profit equal to 1,38 billion euro, thanks to the effects of the acquisition of Banca Carige. If extraordinary items are excluded, which amount to 1,07 billion, the figure is equal to 316,6 million, of which 203,9 recorded in the second quarter, an increase of 81,0% on a quarterly basis.
“The second half of the year will see us busy completing the integration of Banca Carige and implementing the numerous projects envisaged in the recently launched 2022-2025 Plan, which will bring significant benefits in terms of rationalization of the operating structure and increase of profitability as early as 2023”, said the managing director Piero Montani.
Bper: the positive judgments of analysts
The bank's results were praised by analysts. “BPER released exceptionally strong second-quarter results yesterday, with all data significantly better than the consensus,” he writes Jefferies in a note. Analysts say they were positively surprised by the revenue trend, with interest margin and commissions up in the second quarter by 8,7% and 3% respectively. Citi underlines the "strong commercial momentum both in terms of fees and net interest income, with growth also in volumes".
Equity, on the other hand, leaves the judgment to Hold "considering the complexities that Bper will have to face in the coming years, especially in relation to the integration of Carige and the plan initiatives, in a more challenging economic context".
Bper towards partnership with Gardant on Npl and Utp
Also contributing to the stock market rally is the fact that the Bper board of directors selected Gardant "for the start of an exclusive negotiation phase concerning the establishment of a strategic partnership regarding the management of non-performing credit exposures of the group”, both in terms of Npl and Utp. Gardant would operate in consortium with Amco, the Treasury company for the acquisition of non-performing loans.
The agreement, explains a note, will provide for "the creation of a servicing platform and the simultaneous stipulation of a ten-year contract for the management and recovery of Npl and Utp credits of the Bper group in partnership with Gardant", as well as "the sale of NPL and UTP loan portfolios of the Bper group amounting respectively to approximately 1,5 billion and one billion gross of value adjustments, with the aim of achieving full accounting and regulatory deconsolidation of the portfolio at the closing date”.
The transaction, concludes the bank, "represents one of the most important strategic levers of the new industrial plan of the Bper group 2022-2025 and will potentially allow the bank to reduce the cost of prospective risk, both as a result of the clean-up of the loan portfolio and of the expected improvement in recovery performance”.
The other stocks in the spotlight on Piazza Affari and Europa
Among the best titles of the Ftse Mib are also Pirelli (+3,74% later The bills), Telecom Italy (+2,08% after the closing on Inwit) e Saipem (+ 1,4%).
At the opposite end of the ranking, however, there are Tenaris (-3,29%), General Bank (-2,56%), Terna (-2,14%) And Banca Mediolanum (-1,96%).
If the Ftse Eb floats, more or less the same thing the others do European Stock Exchanges: Paris -0,5%, Frankfurt -0,15%, London – 0,17%. All awaiting US job data.
MPS case
Out of the main basket, the fall of makes noise Ps, which falls of more than 7% after the accounts, to 0,413 euros. In this case, the accounts revealed a profit down and below expectations in the second quarter. While awaiting the ECB's authorization for the 2,5 billion capital increase, which the bank expects to arrive by 15 September, MPS closes the second quarter with a profit of 18 million and therefore closes the first half with a result net of 27 million which compares with the net profit of 202 million in the same period of 2021. The net operating result slows down to 230 million from the 326,9 million of the corresponding period.
In a note, the bank indicates among the reasons for the slowdown i lower profits from the sale of securities. The bank also announced that it had sold impaired loans for 900 million. According to Equita, it was “a net profit slightly lower than expectations for 24 million due to higher provisions for legal risks, while the operating performance was substantially in line. The performance of core revenues is overall slightly higher, both in terms of interest margin (+4% on a quarterly basis against expectations for +2%) and commissions (-3% against -4%), while the contribution of bancassurance it was lower than our estimates (11 million against 25 million).”
Yesterday's news that Mps and the unions have reached an agreement for the management of 3.500 exits voluntary.
