Bper posts record profit of 1.3 billion. And it is stepping forward as the custodian bank for Bff Bank

Bper has posted its best half-year results ever, exceeding analysts’ expectations. At the same time, it is paving the way for further acquisitions, following the takeover of Popolare di Sondrio. Whilst, as is well known, the stake in MPS that will be ‘handed over’ by Unipol is on the horizon – should Intesa Sanpaolo’s OPAS bid for Siena succeed – BFF Bank’s custodian bank has recently come onto the radar. The bank led by Gianni Franco Papa has, in fact, “seized the opportunity to submit a non-binding expression of interest to BFF Bank, aimed at acquiring only the assets relating to the payments and custodian banking businesses”, the bank explains in its statement on first-half results.

In terms of figures, as mentioned, the bank has posted a record result, enabling it to raise its ambitions for 2028. The group, in which Unipol holds a stake, recorded an ordinary net profit of 1.32 billion, up 14.7 per cent compared with the same period in 2025, on a restated basis. Core revenues performed well, reaching 3.56 billion, supported by a net interest income of 2.21 billion and net commission income rising to €1.35 billion. The cost-to-income ratio improved to 41.4 per cent, whilst the annualised cost of credit stood at 28 basis points.

This is a sign that the integration with Banca Popolare di Sondrio is proceeding at full speed. “We have once again achieved excellent results in the second quarter and the first half of the year, which are all the more significant in light of the exceptional effort made to complete the integration of Banca Popolare di Sondrio,” says Papa.

This is sufficient to revise the profitability outlook upwards, with net profit for 2028 projected at around 2.7 billion and total revenue in the region of 8 billion, compared with 7.4 billion in 2025. Net interest income is expected to be around 4.7 billion, whilst net commission income is forecast to reach 3 billion, an increase of around €400 million. “We continue to achieve the targets set out in the Business Plan at a faster pace than expected, as confirmed by the 2028 forecasts announced today,” adds Papa.

The total shareholder return policy now targets around 7.5 billion for the period 2025–2028, with a payout ratio of 85 per cent or more, achieved through a combination of cash dividends and share buy-backs. And as early as September, a proposal will be put forward for an interim cash dividend of around 700 million.