Banco Bpm has revised upwards its guidance on 2023 profit, now expected at around 1.2 billion or 0.8 euros per share, against the previous estimate of 0.75 euros per share.
On the other hand, the projection for further growth for 2024 remains unchanged, equal to 0.9 euro per share (+12.5%). The forecast “significantly exceeds both the profitability trajectory and the overall targets outlined in the Strategic Plan.”
The institute also announces that the new business plan, which will be presented by the end of 2023, will update the shareholder remuneration targets “reflecting the positive results achieved in terms of profitability and organic capital creation”.
The bank, led by Giuseppe Castagna, has registered a gross result from continuing operations equal to 1.015.6 billion euros in the first six months of 2023, which represents the best half-year result ever, with a Net income of 624.4 million euros, an increase of 77% compared to the first half of last year.
Il interest margin amounted to 1.552.9 million euros, up by 50% compared to the figure for the first half of 2022, mainly attributable to the increase in the commercial spread, following the rise in interest rates, and the limited impact on the cost of deposits which more than compensated for the lack of benefits relating to the remuneration of TLTRO loans.
The net commissions for the first half they amount to 948.2 million euro, down by 1.9% compared to the corresponding period of the previous year.