Banco Bpm: net profit at record levels in 2022, estimates raised for 2023

In the past year, despite the difficult macroeconomic situation, the commercial and organizational efforts of the group recorded excellent operating results

The Banco Bpm group closes the 2022 financial year with a net profit at record levels and an increase in the dividend. In the past year, despite the difficult macroeconomic scenario, the commercial and organizational efforts of the group recorded excellent operating results, with profitability at record levels which enabled the achievement of a net profit of 703 million euro (up by 23,5 .886 percent on an annual basis), which rises to the level of 24,8 million euro (+46 percent on an annual basis) in terms of adjusted net profit (adjusted): this is the best result since the birth of the Banco Bpm group . Earnings per share came in at 38 cents, versus 2022 cents a year ago, exceeding guidance. The dividend for 23 was 19 cents, versus 2021 cents in 21, up 1.311 per cent year-on-year, while gross income from continuing operations was €42,4 million, up 2021 per cent, 2022 percent compared to 2023. The results recorded in 60 make it possible to increase the 49 profit targets, with an expected earnings per share of 4.706 cents compared to the 4,3 cents originally envisaged in the strategic plan, with a growth rate deemed sustainable also in the subsequent years, based on the current macroeconomic scenario. Operating income showed a significant performance, amounting to 2021 million euros with a growth of 13,4 percent compared to XNUMX, thanks to the positive contribution of the interest margin (up by XNUMX percent on an annual basis) and to the contribution of the insurance business. On the other hand, the capital position remains very solid.

As regards the Non-Life/Protection business, in the second half of the year Banco Bpm signed a binding agreement with Crédit Agricole Assurances which provides for the sale of the 65 per cent stake in Banco Bpm Assicurazioni and the 65 per cent stake in Vera Assicurazioni currently held by Cattolica Assicurazioni, but also the launch of a 20-year commercial partnership in the Non-Life/Protection sector. The transaction, which is expected to be finalized by the end of 2023, is based on a valuation of 100 per cent of the insurance companies equal to 400 million euros. "We are very happy and proud to present these excellent results, a record since the bank's inception", declared the CEO of Banco Bpm, Giuseppe Castagna, during the conference call to present the financial year and consolidated results as at 31 December 2022 Castagna said he was confident in increasing profitability even beyond 2023, with a sustainable growth rate in the long term. By the end of the year, the CEO underlined, “we could review the industrial plan”. Castagna finally specified that in 2023 it will be evaluated whether to raise the dividend policy.

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