Banca Popolare di Milano closed the first nine months of 2013 with a net profit of 134,4 million, compared to the loss of 105,9 million recorded in the same period of 2012. The normalized profit is 138,8 million, growth of 34,8% per year.
Operating income rose by 9,7% to 1,3 billion, with interest margin at 631 million (-4%) and net commissions at 402 million (+13,5%). Operating expenses stood at 738 million (+0,4%), for a cost/income ratio improved by 5,3 percentage points to 57,7%. In terms of capital ratios, the core tier 1 is 7,25%, while the pro forma figure net of the additional prudential requirements imposed by Bank of Italy and including the announced capital increase of 500 million is 10,32%.
During the introduction of the conference call on the quarterly, the chairman of the management board of Bmp, Andrea C. Bonomi, then expressed his opinion on the presentation of the candidates for the election of the supervisory board, saying that "it is important that the first of the list is clear about the bank's future plans”.
The meeting for the renewal of top management will be held on December 21st and the lists, Bonomi recalled, must be presented in ten days' time. The points on which the candidates for the presidency of the CDS must clarify are, according to Bonomi, essentially two: “First of all the governance, whoever wins will make proposals which will predictably then be confirmed in a subsequent assembly. The second question – he added – is who will manage this bank ”.
