Banco Bpm, profit rises by 40% to 370 million euros

Banco BPM, the bank led by CEO Giuseppe Castagna, announced that it concluded the first quarter of 2024 with a net profit of €370.2 million, up 39.5% compared to the €265.3 million of the first three months of 2023 and up by 15.3% compared to 321.1 million in the fourth quarter of 2023.

Net interest income stood at €864.4 million, up 16.3% on an annual basis compared to €743.0 million in the first quarter of 2023 and down 0.4% compared to €867.7 million in the last quarter of last year. The bank announced that for the whole of 2024 “the solidity of the results achieved, together with the positive prospective view, lead on the one hand to reiterating all the profitability and remuneration targets for shareholders and, on the other, to highlight possible margins for improvement in the EPS forecast of 90 euro cents net of non-recurring components (>1.1 euro considering the one-off components currently conceivable)”.

“This forecast will be updated when the half-yearly results are presented. In light of the trends described above and the ability to generate stable increases in profitability and organic creation of capital, all the profit, payout and capitalization objectives announced in the latest plan are confirmed”, announced Banco BPM.