The first quarter ends for Bpm with a net profit of 64,3 million, up 5,1% on the year. The result is better than the expectations of 9 analysts, who stopped at 59 million. Normalized profit, therefore net of non-recurring items, rose to 76 million from 65,3, marking the best result for 4 years.
In terms of revenues, operating income fell by 3,7%, to 425,8 million (-1,1% net of non-recurring items), but the consensus was pointing to 413 million. Turnover was affected by the 4,8% decrease in the interest margin to 196,1 million, but benefited from the 5,6% increase in net commissions to 148,3 million and the 58,4 million deriving from financial activity .
Bpm recorded a 1,6% increase to 32,6 billion in loans to customers, thus reversing a negative trend that had lasted for three years.
In terms of problem loans, the bank recorded an increase of 146 million euros compared to the end of 2014 to 5,99 billion. Total net adjustments for the impairment of loans and other transactions amounted to 74,3 million (-11 million compared to March 2014).
In terms of assets, Bpm has a common equity tier 1 of 11,57% (11,58% at the end of 2014).
