Banca Popolare di Milano closed the first quarter of 2013 with a net profit of 57,3 million, down by 10,9% compared to the same period of 2012. Normalized profit, net of non-recurring items, grew by 3,8% to 58 million. Operating income amounted to 428 million, with interest margin down by 15,8% to 190,8 million and fees and commissions up by 10,6% to 131,7 million, against operating costs down by 6 % to 246 million. The cost/income ratio fell to 57,5%.
The bank declared that "after the first quarter, the trend of the commercial management of the group continues according to the guidelines dictated by the business plan".
