(Image source: Imagoeconomica)
Banco Bpm, profit grows by 23.5%
Banco Bpm ended 2022 with record profits of 703 million euros (+23.5%) and earnings per share of 46 cents, against 38 cents last year, exceeding the guidance. The institute will distribute a dividend for the 2022 financial year equal to 23 cents, against the 19 cents detached for the 2021 financial year (+21%). For the whole exercise Banco Bpm expects a significant improvement in the Group’s net profit compared to last yearwith a trend that, even in projections, exceeds both the profitability trajectory and the overall targets outlined in the Strategic Plan.
The gross result of current operations was equal to 1.311 billion (+42.4%), the Cet1 at the end of December was equal to 13.3%. The results recorded in 2022 make it possible to raise the targets for the current yearwith an expected earnings per share of 0.60 euros compared to the 0.49 euros originally envisaged in the group’s strategic plan, with “a growth rate deemed sustainable also in subsequent years, based on the current macroeconomic scenario”, comments the bank in a note. Going back to 2022, operating income amounted to 4.7 billion (+4.3%), the interest margin was 2.3 billion (+13.4%), the cost/income ratio was 54 %, an improvement compared to 55.8% in 2021. Furthermore, the strategy of reducing the non-performing portfolio with 2022 derisking continues for a total of €2.6 billion.
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