Banks weak at Piazza Affari, with Banco Bpm at the back
On a day characterised by a climate of expectation for incoming indications from the US on inflation and the next central bank moves
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(Il Sole 24 Ore Radiocor) - Weak banks in Piazza Affari, on a day marked by a climate of expectation for incoming indications from the United States on inflation and the next moves by central banks. After the round of quarterly reports, with financial institutions that have cashed in record profits and also forecast for 2024 a growth equal to that of 2023, driven by interest margins but not only, investors are focusing on the words of Claudia Buch, the new president of the European Central Bank's supervisory board, who warned eurozone credit institutions about the risks they will have to face.
In Milan, the Banco Bpm is losing ground, the Banca Mps and the Unicredit , also weak Banca Pop Er and Intesa Sanpaolo . Among the financial heavyweights was also asset management with Banca Generali and Banca Mediolanum down, as were Azimut and Finecobank . Uncertainty about economic developments with geopolitical and climate change risks "affects banks. In the short term, higher interest rates have increased their profitability. European banks weathered the recent storms thanks to both their resilience and the significant balance sheet and monetary support that mitigated the impact of the recent shocks. However, in the long term, banks will not be immune to risks and unforeseen events,' Buch said, pointing out that banks may not be sufficiently prepared.
Meanwhile, the issue of the banking risk remains in the background for the time being, with Banco Bpm cooling speculation by reiterating its 'stand alone' growth strategy. Intermonte's analysts point out that the renewal of three boards of directors is expected shortly: if for Unicredit no major changes are expected, with the confirmation of CEO Orcel and chairman Padoan for another three years, for Bper the analysts cite press rumours that a confirmation of CEO Montani would not be taken for granted. Finally, for BP Sondrio there are five board members to be replaced in 2024, while CEO Pedranzini's term expires in 2025. "We believe that these renewals are quite important in order to define Italian banking consolidation. We therefore believe it is not something that can be defined in the short term, rather in the second part of 2024 or early quarters of 2025," the analysts say.
