Bper, profit rises to 1.48 billion with Sondrio

Bper closed the first nine months of the year with operating income of 4,646.2 million euro, up 12.5% on the same period of 2024, and profit up 30% to 1,478.5 million, benefiting from the consolidation of Banca Popolare di Sondrio as of 1 July.

Going back to the numbers, again at the consolidated level, core revenues were EUR 4,414 million, of which EUR 2,704.3 million came from net interest income and EUR 1,709.7 million from net commissions. The expense ratio stood at 46, with an annualised cost of credit of 24 basis points and net loans to customers of EUR 125.9 billion, to which EUR 20 billion in new loans contributed. Impaired loans amounted to 2.3% of the portfolio at gross level and 1.2% taking into account adjustments, while the capital position was 'solid' thanks to a Cet1 ratio of 15.1%.

A note states that "preparatory activities for the Bper-Banca Popolare di Sondrio integration are in full swing in order to complete the merger by the second half of April 2026". On a like-for-like basis, i.e. without considering the consolidation of Sondrio, Bper closed the first nine months of the year with profits up 19.6% to 1,328.4 million, core revenues stable at 4,025.3 million thanks to the growth in net commissions (+6% to 1.592.5 million), which offset the drop in net interest income (-3.6% to 2,432.8 million), supported by the increase in commissions from managed assets (+11.3%) and bancassurance (+16.3%), confirming the growth strategy in asset gathering. Net loans to customers grew 3.2% to EUR 91.7bn, with new lending of EUR 14.7bn (+20%), while the expense ratio fell to 46.8% (-272 basis points) and the annualised cost of credit stood at 34 basis points. In the first nine months, the group was able to organically generate EUR 1.7bn in capital.

In the note, Bper announces that it has decided to distribute an interim dividend of 10 cents per share, which will be paid on 26 November, and also that it has updated its targets for 2025 with consolidated guidance that takes into account the contribution of Banca Popolare di Sondrio. For 2025 Bper, which has confirmed its individual guidance, expects at a consolidated level revenues of 6.4 billion, an expense ratio below 48 basis points, a cost of risk below 35 basis points and a Cet1 ratio above 14.5%.

Bper's first nine months results are "very positive" and "confirm a constant growth trend, quarter after quarter". "For the first time," says Bper's CEO Gianni Franco Papa, "we have presented to the market a consolidated view with Banca Popolare di Sondrio that shows revenue growth, a continuous improvement in operating efficiency and excellent commercial dynamics, driven by the commission component in wealth management and bancassurance".