Banco Bpm is no exception and recorded a profit of 370 million in the first three months of 2024, with a growth of 40% compared to the same period of 2023 with a performance superior to the market consensus which estimated a quarterly figure of around 340 million. The result was impacted by the interest margin at 864.4 million (+16.3%) and net commissions at 521.6 million (+5.8%).
MPS UPDATES THE OBJECTIVES
«We are confident in the plan targets, we are ahead of all the main numbers with respect to both 2023 and 2026» and «we see no risk of being able to distribute 2 billion in dividends» to shareholders from the 2023-2024 profits, of which 1.4 billion in cash in 2024, CEO Giuseppe Castagna said in a conference call. The banker added that “we are well on track” towards the objective of six billion in cumulative profits by 2026 and the distribution of four billion.
On the MPS front, building on the momentum of 2023, it also started off on the right foot in the first three months of 2024, closing with a net profit of 333 million, up 41% with the bar higher than analysts’ consensus estimates (280 millions). “We started 2024 with a record performance,” said Luigi Lovaglio. MPS confirms guidance for 2024 pre-tax profit “above 1.3 billion”. The CEO confirms the objectives already indicated for the year. MPS will provide “an update on the strategic objectives at the presentation of the 2nd quarter results”.
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