Mps, vola l’util: boom of 51.3% to 246 mln
Banca Mps closed the first quarter with a Net income equal to 236 million euros, +51.3% compared to the 156 million euros of the previous quarter and a strong improvement on an annual basis (10 million euros as at 31 March 2022). Analysts consulted by Bloomberg they expected a profit of 119 million euros.
As at 31 March, the Group achieved revenues for a total of 879 million euro, an increase of 11.8% compared to the same period of the previous year. Revenues in the first quarter of 2023 also recorded growth compared to the previous quarter (+4.8%), driven by the interest margin (+1.2%) and, above all, by net commissions (+7.3%).
The first quarter results confirm the bank’s new positioning capable of generating sustainable profitability with an improvement in operating performance, thanks to the results already achieved in the implementation of the 2022-2026 business plan”.
We also note the marked growth of gross operating result equal to 414 million euros (+24.7% t/te +67.6% y/y), supported by: net interest income up (+1.2% t/te +56.6% y/y ), supported by the positive dynamics of the commercial spread (+71 bps t/t and +158 bps y/y); a positive performance of fees in the first quarter (+7.3% q/q) thanks to the good trend of the wealth management component (+15.4% q/q) and that related to services1 (+2.0% q/q t); a sharp drop in operating costs (-8.2% q/t and -13.8% y/y), generated by savings on personnel expenses deriving from the incentive exits which took place in December 2022 (approximately -20%) and the continued focus on efficiency: cost/income ratio at 52.9%, a significant reduction compared to 60.4% (t/t) and 68.6% (y/y), already lower than the 2026 plan objective.
I dividendssimilar income and gains (losses) from equity investments amount to EUR 19 million, up EUR 4 million compared to 31 March 2022 and down EUR 11 million compared to the previous quarter.
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