B for Bank closed on first quarter of 2025 best result ever, by registering a Useful consolidated net profit of 442,9 million euros, up 43,2% compared to the same period of the previous year. This result has largely exceeded consensus expectations Bloomberg (365,4 million). The Emilian bank has outlined its expectations for 2025, forecasting revenues of around 5,4 billion euros, compared to 5,6 billion recorded in 2024. The cost/income ratio should be around 51%, while the cost of risk is expected to remain below 40 basis points. Finally, capital strength will be maintained, with the CET1 ratio expected to be above 15%.
The quarterly gives wings to the title: +3,46% to 7,6 euros per share at the opening of Piazza Affari.
On the extraordinary operations front, Bper received the go-ahead by the Insurance Supervisory Authority (Ivass) for theOps on Banca Popolare di Sondrio. Furthermore, it was authorised to hold – following the positive outcome of the offer – a qualified participation exceeding 30% in the share capital of Ark Life, a company of the Unipol insurance group, which is one of the main shareholders of Bper and Pop di Sondrio.
Bper: first quarter 2025 accounts
I core revenue amounted to 1,353 billion (+0,8%), thanks above all to the positive contribution of commissions nice, which reached 541,1 million (+8,5%). Commissions from investment services increased by 14,3% to 240,1 million, those from bancassurance by 26,9% to 26,4 million, while traditional commissions reached 274,6 million (+2,5%). The interest margin, penalized by rates, fell by 3,8% to 811,9 million, but total revenues grew to 1,428,9 billion (+5% y/y).
The total of net operating income reached 1,428,9 billion euros, up 5% year-on-year, mainly thanks to the increase in core revenues. The operating charges they decreased to 667,4 million (-3,2%), thanks to the containment of personnel expenses (-5,4% to 414,1 million) and lower administrative expenses (-4,7% to 179,7 million).
Il cost/income ratio improved to 46,7%, while the annualized cost of credit fell to 31 basis points, an improvement of 12 basis points compared to the same quarter of the previous year. Value adjustments on assets related to customer loans amounted to 70,5 million euros, down 25,8% compared to the previous year.
La credit quality remained high, with a NPE (Non-Performing Exposure) ratio stable at 2,6% and a net NPE at 1,2%. The coverage level of impaired loans remained stable at 54,2%, one of the highest in Italy. The coverage of performing credits stood at 0,67%, while that of exposures classified as Stage 2 was equal to 4,87%.
From a capital point of view, Bper Banca has maintained a solid capital position. The CET1 ratio fully loaded confirmed at 15,8%, in line with forecasts, while the Tier 1 ratio is equal to 17,8% and the Total Capital ratio is at 20,6%.
With regard to the harvesting, total financial assets rose to €303 billion, up 1,6% on the previous year. Direct customer deposits stood at €117,4 billion, down slightly by €0,7 billion, mainly due to the transfer of liquidity from deposit accounts to managed accounts. Managed deposits grew by 7,1% to €72,1 billion, while administered deposits rose by 1,1% to €92,3 billion. The life insurance portfolio grew by 0,8% to €21,2 billion.
Net customer loans increased by 2,2% to EUR 89,6 billion. The relationship loans/deposits remained stable at 76,3% compared to the end of 2024.
On the front of the liquid assets, Bper Banca has maintained high solidity ratios, with a Liquidity Coverage Ratio (LCR) of 166% (slightly down from 167% at the end of 2024) and a Net Stable Funding Ratio (NSFR) of 134% (compared to 138% at the end of 2024).
Pope (Bper): “Available for dialogue with Bps, but ready to continue with the Ops”
"Quarter after quarter, our growth continues in line with the objectives of the industrial plan, generating constant value for the benefit of all stakeholders. Value that we want to increase and share - through the public exchange offer that we announced last February - also with the stakeholders of Banca Popolare di Sondrio, thanks to the high industrial combination of our entities, based on attention to customers and territories, quality of services and solid results", declared the CEO, Gianni Franco Pope.
Pope reiterated Bper's commitment to "create value" also for the shareholders of the Popular of Sondrio, adding that the bank is "available for dialogue" with the new Sondrio board, but that, in the absence of signs of openness, it will proceed with the takeover bid to achieve the merger with the Valtellina institute. Bper aims to obtain the necessary authorizations from the supervisory authorities (ECB, Banca d'Italia and Ivass) for the takeover bid by May-June, with approval of the offer document expected in June. If the plan is respected, acceptance of the offer will begin between June and July, with delisting and merger by August, and integration concluded by the end of 2025.
Last update: today Thursday 8 May at 12:26
