Bper closes a record-breaking semester and looks to the future with new ambitions. In the first six months of 2026, the Modena-based bank recorded a Net income Ordinary of 1,33 billion euros, the best result in its history, also supported by a second quarter that has never been so profitable for the group. The performance allows the institution to raise the guidance for the entire 2026 financial year.
A result that comes after an important strategic step for Bper, committed to completing the integration of Banca Popolare di Sondrio“We have once again achieved excellent results in the second quarter and the first half of the year,” commented the CEO Gianni Franco Papa, The report emphasizes how the growth in lending, with over €13 billion in new disbursements, the increase in assets under management and administration, and the development of higher value-added activities confirm the solidity of the path undertaken.
A Business Square il title Bper is moving in positive territory, up 0,67% to 14,93 euros, following the publication of its results and the updated outlook for the financial year.
Bper: Revenues growing, commissions accelerating, and costs under control
The positive semester was supported by an overall growth of revenues, up 4,5% to 3,88 billion euros. The edge di interest reached 2,21 billion, up 1,4%, showing good resilience despite the changing monetary scenario. The results were driven primarily by higher value-added activities. commissions nice grew by 4,8% to 1,35 billion euros, thanks in particular to investment services, up 10,3%, and the property and casualty insurance sector, which grew by 13,2%. Traditional banking, on the other hand, remained essentially stable. Finance also contributed positively, generating €234,4 million, while dividends contributed an additional €34,4 million.
On the efficiency front, the Emilian institute has continued its path of containment of CostsOperating expenses fell by 3,9% to 1,61 billion, mainly thanks to the reduction in administrative expenses, which decreased by 15,9%, while personnel costs increased by 1,3%.
Improved operational management has led to the cost/income ratio at 41,4%, a sharp decline from 45% in the same period in 2025 and among the most competitive levels in the Italian banking sector.
Solid credit and growth in managed savings
Credit quality also remains under control. cost of credit annualized stood at 28 basis points, while asset indicators confirm the solidity of the portfolio.
The Gross Npe ratio It is equal to 2,3%, the net one is 1,1%, with a coverage level of non-performing loans that has risen to 54,1%, among the highest in the Italian banking system.
The growth of the harvestingDirect assets reached €167,1 billion, while managed assets grew by 11,4% to €87,1 billion. Assets under management also increased, rising 4,6% to €145,4 billion, and life insurance policies, amounting to €24,7 billion (+4,7%). net credits to customers stand at 129,7 billion euros, with new disbursements in the half-year amounting to 13,5 billion, up 1,5%.
On the capital front, Bper maintains levels well above regulatory requirements: the CET1 ratio is at 15%, the Total Capital Ratio at 20,1%, while the indicators of liquid assets They remain solid, with a Liquidity Coverage Ratio of 162% and a Net Stable Funding Ratio of 132%. Consolidated equity thus rises to 18 billion euros.
Interim dividend of €700 million and shareholder remuneration of €7,5 billion
In light of its financial strength and the results achieved, Bper confirms an attractive remuneration policy for shareholders. The board of directors will evaluate the distribution of a interim cash dividend of approximately 700 million euro.
In plan updated to 2028 the group provides for an overall remuneration of shareholders of about 7,5 billion of euros in the period 2025-2028, through a combination of cash dividends and buybacks, with a payout ratio of 85% or higher. "A growing and very attractive shareholder remuneration both in terms of cash dividends and buybacks," Papa explained, adding that the solid financial position will allow for consideration of higher remuneration should conditions permit.
On the topic of buybackHowever, the CEO clarified that the shares resulting from the buyback program are not currently earmarked for extraordinary transactions. "We are not considering using these shares for any type of transaction," he explained to analysts, specifying that on the Italian M&A front, "many elements are still in play and several developments are underway."
Il capital derivative It has a three-year term, until 2028: a possible liquidation will be evaluated by the board of directors, but for the moment "no decision has been made".
Bper accelerates its 2028 plan
With theplan update B:Dynamic | Full Value 2027, extended until 2028Bper is raising its ambitions after exceeding its initial targets. "We set ambitious goals for 2025, and we are exceeding them. At the same time, we completed the integration of Banca Popolare di Sondrio," explained Papa, who said the group now has a "broader and even more solid" platform.
The plan provides revenues growing from 7,4 billion in 2025 to around 8 billion in 2028 and an expected net profit of around 2,7 billion euros. commissions nice will rise from 2,6 to approximately 3 billion, supported by wealth management, bancassurance and business services.
On the technology front, €600 million in IT investments are planned for the three-year period 2026-2028, with a focus on automation, artificial intelligence, and cybersecurity. Digital initiatives are expected to generate approximately €300 million in gross savings. The goal is to bring the cost/income ratio around 40% in 2028, maintaining a CET1 ratio above 14,5%.
Pope: "Ready for consolidation, we will evaluate MPS in due course."
During the conference call with analysts, Papa also opened up about Italian banking consolidation, confirming that Bper is ready to evaluate new opportunities, but with a disciplined approach.
On the possible involvement in the dossier Ps, the manager explained that the operation could represent an opportunity A positive move to further strengthen the group's presence in Italy. "If and when it goes through, it will be a good move for us because it will allow us to further strengthen our position in Italy. We could become even bigger than we already are," said Papa, adding that "a couple of million additional customers" could arrive.
The scope of the operation, however, is not yet defined. According to available information, if approved, Bper could receive 635 branches and part of Monte dei Paschi's headquarters, but the location of the branches and the number of people involved remain unclear. "We don't know their exact location," Papa explained, just as "we don't know precisely how many people will be transferred." For this reason, he added, "it's very difficult to estimate the numbers" without a more precise picture. The CEO also clarified that Bper is not currently in discussions with Unipol on the dossier: “The main operation is that of Intesa Sanpaolo on Monte dei Paschi, and everything will flow from there." Only after the available perimeter has been defined will it be possible to make more in-depth assessments.
Bper prepares its assault on Bff
At the same time, Bper confirmed the non-binding expression of interest for some Bff Bank activities, formerly Banca Farmafactoring, related to payments and the custodian bank. "It could be an opportunity we'll analyze," Papa explained, emphasizing that from an industrial perspective, it would make sense for BPER to have such a structure. The interest, however, concerns these two sectors exclusively: "We have no interest in factoring," the manager clarified.
The expression of interest will now allow us to start the due diligence to evaluate the possible acquisition of the selected assets. "We will analyze the situation and see if there is a possibility of acquiring these two BFF businesses," Papa said, adding that only at a later stage will it be possible to define the financial terms and terms of the transaction.
Compared to the hypothesis of a sole buyer For the entire BFF perimeter, which has been circulating in recent weeks, Papa explained that Bper would be available to collaborate with parties interested in factoring and other lending activities, but at the moment there is no further information.
A new phase after Sondrio
The integration of Banca Popolare di Sondrio has brought Bper to a new dimension: today the group has approximately six million customers, a network of approximately 1.950 branches and €425 billion in total financial assets.
“We have created a very solid platform, ready to seize both organic and inorganic growth opportunities”, concluded Papa, underlining that investments in technology, talent and skills, together with a solid financial position, allow the group to face a new phase of development.
Over the past eighteen months, according to the CEO, Bper has undergone a profound transformation in terms of size, strategy, and industry, becoming "a national banking group with strong fundamentals, expertise, and investment capacity." This path has also been recognized by the "Italy's Best Bank” awarded by Euromoney, considered by Pope as confirmation of the new positioning achieved.
Last updated Thursday, August 6, 2026, at 13:21 PM
