The management board of Banca Popolare di Milano "has decided to proceed, by the end of October, with the previously planned update of the 2012-2015 business plan (which will include the necessary governance development)." This was announced by the institution. Furthermore, the bank will submit its observations on the supervisory inspection report to Bankitalia by September 23. Finally, BPM announced that "the timing of the planned capital increase will be assessed following completion of the analyses required to update the business plan."
On the results front, Banca Popolare di Milano closed the first half of 2013 with a net profit of 105,6 million, compared to a loss of 131,3 million in the same period of 2012Operating income rose 11,6% to €886 million, with net interest income at €415,8 million (-8,6%) and net commissions at €278 million (+16,3%). Operating expenses increased 0,4% to €499,8 million, resulting in a cost/income ratio that fell to 56,4% from 62,7%. Regarding capital strength, the core tier 1 ratio fell to 7,45% following the full repayment of the €500 million Tremonti bonds, but the pro forma figure stands at 10,38% considering the removal of the additional capital requirements imposed by the Bank of Italy and the planned €500 million capital increase.
