Bper Banca closes the first quarter of 2026 with numbers accelerating rapidly and the industrial transition now completed.Net income ordinary consolidated amounted to 549 million euros, while therelevant profit of the parent company rises to 518,5 million, up 17,1% compared to the same period in 2025. Theoverall profit instead it reaches 547 million, with a growth of 21,1%.
The quarter also marks the integration closure of Banca Popolare di Sondrio, an operation that changes the scale and profile of the group. Excluding the contribution of the former Popolare di Sondrio, theordinary profit of Bper alone is equal to 405,4 million, confirming a positive trend even in the original perimeter.
Revenues on the rise, efficiency under control
I consolidated net operating income rise to 1,774 billion euros, an increase of 24,2%. The main factor supporting the profit and loss account is the interest margin, which reached 1,087 billion, with a growth of 34%. Quarterly sales remained positive at 13,3 million, net of the calendar effect, which accounted for 20,9 million.
Le net commissions Net interest income reached €680,9 million, up 25,8%. Excluding Sondrio, BPER's net interest income rose to €819,7 million, up 1% year-over-year, while net commissions grew 5% to €568 million, driven by investment services and the property and casualty insurance segment.
- consolidated operating expenses Operating expenses stood at €799,9 million, up 19,8%, but the cost/income ratio remained at 45,1%, a level the bank indicated as consistent with the group's new size structure. Within BPER alone, operating expenses decreased to €656,6 million, thanks to efficiency initiatives that reduced other administrative expenses by 14,3%.
Solid credit and capital above targets
On the asset quality frontThe annualized cost of credit remains low at 27 basis points, with write-downs on customer loans totaling €85,6 million. The gross non-performing loan ratio is 2,2%, while the net ratio drops to 1,1%. The coverage ratio for bad loans stands at 71,7%.
I net credits to customers reach 128,8 billion, with new loans disbursed in the quarter for 7,4 billion, up 13,4% on an annual basis. direct deposits from customers Total assets under management amount to €166,5 billion, with assets under management amounting to €81,2 billion and assets under administration amounting to €139 billion. Life insurance policies amount to €24,4 billion, while total financial assets stand at €411,1 billion.
La capital position remains robustThe CET1 ratio is 14,9%, the Tier 1 ratio is 17,2%, and the Total Capital ratio is 19,1%. On the liquidity front, the LCR stands at 157% and the NSFR at 131%.
Pope relaunches the model, the market looks ahead
The CEO Gianni Franco Pope links the quarter's results to the group's new structure following the Sondrio integration. "Thanks to the completion of the integration of Banca Popolare di Sondrio, pToday we can leverage an even more distinctive industrial model and on the greater strength and solidity afforded by our new dimensions and broader capital resource base. This structure takes on further value in light of the complexity and uncertainty of the macroeconomic and geopolitical environment in which we operate, which sees us committed to ensuring constant support to our clients—individuals, families, and businesses—even in these delicate and complex times. Quarter after quarter, the results demonstrate the effectiveness of our model and encourage us to continue in this direction, even more determined and strong, together with our new colleagues.
So, asked by analysts about the role that Bper intends to play in the Bank consolidation, Pope declared: “For us today the main activity is fully integrate Sondrio"then "never say never, we'll see what happens and then decide what to do. But today there's nothing on the table except the full integration of Sondrio."
Bper will update its “B: Dynamic Full Value 2027” business plan on August 6, 2026., taking into account the integration of Popolare di Sondrio and the developments in the macroeconomic and geopolitical scenario. new guidance for 2026 indicates a stable or low single-digit growing interest margin compared to 2025, commissions increasing in the mid-single digits, a cost/income ratio around 45%, a cost of risk below 40 basis points and a Cet1 ratio close to 14,5%.
On the stock exchange, however, the stock fails to capitalize on its accounts and loses almost 2%.
