Banco Bpm, profit down 6.1% but above expectations

Banco Bpm closed the first quarter with a net profit of €480m, down 6.1% on the same period in 2025 but, the bank claims, '7% higher than the market consensus'. The result is 'in line with plan targets' and the trajectory is 'consistent with the net profit target of 2.15 billion in 2027'. Compared to the previous quarter, profit was up by 15 per cent. The result was impacted by 'regulatory changes introduced with the Budget Law for 2026', which 'resulted in a higher debit charge in the income statement for the first quarter of 2026 of approximately 20 million'. Operating income rose by 3.6% year-on-year to EUR 1.53bn, with net interest income at EUR 751m (-8%) and net commissions at EUR 708m (+19.2%). Operating expenses were up 4.5% to 674 million, for a cost/income ratio of 44.1%, compared to 43.7% in Q1 2025 and 46% for the full year 2025. As for capital strength, the Cet 1 ratio was 13.59%, 'well above the minimum plan threshold'.

The bank then expressed confidence in the payment of a dividend of EUR 1 per share for 2026.