Bper rises after quarter above expectations, Popolare di Sondrio also does well

(Il Sole 24 Ore Radiocor) - A tonic session for Banca Pop Er on the day of its quarterly report that closed with above-expected results. The shares of the Banca Pop Er , on which the Emilia-based institution launched a public exchange offer, also bought well. "We create value and we want to do it also for the shareholders of Banca Popolare di Sondrio," said CEO Gianni Franco Papa commenting on the results. During the conference call with analysts, he went on to emphasise that the bank is open to dialogue with the new board of Sondrio, but if there are no signs of openness from Popolare di Sondrio, Bper will go straight down the road already mapped out with the takeover bid to arrive at the merger with the Valtellina institute.

On the accounts front, Bper exceeded analysts' consensus for the quarter, closing - Pope said - "the best quarter ever" in terms of consolidated profit. The numbers were "better than expected at the operating level," said Intermonte, which has a neutral rating with a target price of EUR 6.30, "with net profit coming in at EUR 443m, almost 20% better than estimates even if slightly down year-on-year. Intermonte reports "total revenues 5.4% higher than expected, driven by a strong contribution from equity investments, a resilient net interest income and an excellent performance in commissions, positively influenced by the good trends in managed savings and bancassurance", as well as an "operating profit 16% higher than estimated". A "positive performance that confirms the trends seen in recent quarters", "very positive the trend of the Cet1 ratio, which is practically stable despite a series of regulatory headwinds". Equita (buy with a target price of EUR 7.3) also emphasises that the results are "above expectations on all lines, with a good trend in commissions and costs" and with "an excellent Cet1 dynamic, stable on a quarterly basis at 15.8%".