Banca Popolare di Milano closed the first nine months of 2014 with a Net income of 219,3 million euros, up 63,2% on an annual basis. The result is in line with the forecasts of the business plan presented in recent months and was achieved despite the contraction of the dei revenues (-5,4%, to 1,21 billion euros).
I operating income they dropped by 5,4% to 1,2 billion, with interest margin at 602,2 million (-4,6%) and net fee and commission income at 407 million (+1,2%). Operating expenses decreased by 2,6% to 718,7 million, for a cost/income ratio that rose to 59,4%.
However, the capital problems that had led Bpm to complete a capital increase in 2014 seem to have been overcome. According to what was communicated by the Bank itself, the Common Equity Tier 1 it is at 11,29%. At the conclusion of the Comprehensive Assessment, the bank has excess capital of €713 million.
As for the data of the solo third quarter, net income remained essentially stable compared to a year earlier at 27,8 million (above the 25 million consensus of analysts). Operating income was below expectations (346 million against the 370 of the consensus), slightly lower than the interest margin forecasts (195 against 200) and the operating margin (120 against 135).
