The ordinary shareholders' meeting of Bpm bank unanimously approved the financial report relating to the financial statements as at 31 December 2023 which closed with a net profit of 1.447 million euros, an increase of 85% compared to 2022. The distribution of a dividend of 0,56 euros per share, up 143% compared to the previous year, and the remuneration policy.
Banco Bpm: 2023 results
As of 31 December 2023, Banco Bpm has highlighted a series of key data relating to its assets and consolidated income statements. The net loans to customers were 105,4 billion euros, down 3,7% compared to the previous year, with a decrease in both performing loans and impaired loans. There direct bank deposits increased by 1,1% reaching 124,8 billion, while indirect customer deposits rose by 16,2% reaching 106,2 billion, with strong growth in both managed and administered savings.
As regards the consolidated income statement, there was a notable increase in interest margin (+42,1%), while net commissions remained stable (-1,4%). The operating charges they grew by 1,6%, but the operating result increased by 29,2%, driving a significant increase in the gross profit from continuing operations (+58,4%). L'Net income was €1.264,4 million, up 84,6%, while adjusted net profit increased by 64,9%.
From the point of view of the capital position, i capital ratios Cet 1 ratio, Tier 1 ratio and Total capital ratio were solid, at 14,2%, 16,3% and 19,0% respectively.
La credit quality showed significant improvements, with a 21,0% decrease in the stock of net impaired loans and a reduction in the incidence of net impaired loans on total loans to customers to 1,8%. Coverage of impaired loans was found to be adequate, with coverage percentages varying between 43,2% and 60,9%.
Finally, the consolidated liquidity profile as of December 31, 2023 was robust, with liquidity of 41,9 billion, TLTRO III financing of 15,7 billion and LCR and NSFR indicators at 187% and 129% respectively.
Dividend of 0,56 euros per share is on the way
The shareholders' meeting approved the proposals relating to the allocation and distribution of the profits relating to the 2023 financial year of Banco Bpm Spa of the amount of 1.447.274.488,31 euros. With 99,94% support, the following decisions were adopted:
- Allocation of 378.333.590 million euros to the creation of a specific non-distributable reserve, in compliance with art. 26 of the Legislative Decree 10 August 2023 n. 104, equivalent to two and a half times the extraordinary tax introduced by the aforementioned legislation.
- Allocation of 83.885.854 million euros to the unavailable reserve, in accordance with the provisions of the art. 39, paragraph 1, of the Articles of Association, relating to capital gains deriving from the application of fair value.
- Distribution of a cash dividend per share of 0,56 euros gross of legal withholdings, for a total of 848.501.990,56 million euros, calculated as the product of the unit amount by the number of ordinary shares in circulation. The distribution will take place on 24 April 2024 (payment date), with ex-dividend date 22 April 2024 (ex date) and record date 23 April 2024.
- Destination of 4 million euros for assistance, charity and public interest, as required by art. 5.2 of the Articles of Association, according to the quotas established by the art. 5.3 of the Statute.
- Allocation of the residual profit to the available extraordinary reserve for an amount of 132.553.052,84.
Castagna: “impetus towards ambitious goals”
“Despite the macroeconomic context, complicated and uncertain also due to the current geopolitical tensions and the temporary stall of the economy in the EU, Banco Bpm achieved excellent results: a 2023 net profit of approximately 1,3 billion euros which allowed it to propose a dividend of 0,56 euros per share, with a total distribution of €848 million, more than doubled compared to the previous year, without affecting a solid and healthy capital position, which was further strengthened in 2023. These numbers, together with the others that emerge from the financial statements, lay the foundations for starting with enthusiasm the path that will lead us towards the ambitious value creation goals of the 2023-2026 Strategic Plan" commented the CEO of Banco Bpm, Giuseppe Castagna.
“Strengthened by these results, which as mentioned have allowed us to exceed the objectives one year in advance of the 2021-2024 Strategic Plan, last December we presented the new Plan “Banco BPM 2023-2026: A Solid Success Story”, built in a stand-alone logic, which will give an even greater boost to the growth of profitability. Our nature – concludes Castagna – of a public company – autonomous and efficient, national and local at the same time thanks to the proximity of our territorial structures to communities, businesses, institutions and the Third Sector – it is our strength and it is what allows us to increase our leadership , be distinctive for customers and appreciated by the market.
“The new Strategic Plan represents a challenge and a great opportunity to consolidate the role of the bank, give satisfaction to shareholders and further gain the attention of the market which in recent years has constantly rewarded us, so much so as to make ours one of the Italian securities with the best performances” declared the president Massimo Tononi.
