Banco Bpm on a positive note with rumours of NPL package sale in line with business plan
According to press rumours, the institution could start divesting a €500m NPL portfolio in the coming days, an operation that would bring it closer to its 2026 targets
2' min read
Le ultime da Radiocor
Usa: Trump firma ordine esecutivo, chiede ad aziende di fornire modelli AI in anteprima
Borsa: Europa di slancio con febbre Ai e schiarite MO, Milano al top chiude a +1,6%
UniCredit: raggiunto target Ops sopra 30%, 'flessibili per salire ancora' (RCO)
2' min read
(Il Sole 24 Ore Radiocor) - Banco Bpm in positive territory at Piazza Affari (FTSE MIB ) in a session in which the banking sector rose. According to press rumours, the institution could in the coming days start the disposal of a portfolio of NPLs of EUR 500 mln, amounting to about 13% of the total Gross Npe at the end of 2023.
"Recall that during 2023, Bpm too had already expensed adjustments to cope with future disposals of 700 mln to be completed by 2026," Equita analysts write. With the disposal of the portfolio, the Npe Ratio should rise to around 3% from 3.5% in 2023. Banco Bpm could also proceed with the sale of a leasing portfolio, largely composed of non-performing loans, for about EUR 400m. "Let us remember," Equita continues, "that the bank has an agreement for the management of new NPL flows with Gardant, a servicer controlled by the Elliott Fund currently in exclusive negotiations for a possible business combination with DoValue.
Equita has a hold rating on the stock with a target price of EUR 6.10. Intermonte recalls that Banco Bpm has 3.8bn gross impaired loans and 1.9bn net impaired loans. "The sale," writes Intermonte, "is in line with the objectives of the 2023-2026 business plan presented in December 2023. This disposal would bring Banco Bpm already to the 2026 targets' which are a gross Npe ratio of 3% (from 3.5% in 2023) through the disposal of 700 mln Npe. "Most of the adjustments for this derisking have been made in Q4 2023, so we do not see major impacts at P&L," concludes Intermonte, which has a buy rating and a target price at EUR 6.30.
