(Finance) – “This year’s solid track record together with capital generation” consolidates the confidence of BPM desk in the ability to offer “a increasing shareholder remuneration” which “will be expressed in more detail in December”. This was stated by CEO Giuseppe Castagna in the call with analysts following the publication of the results as of September 30, 2023.
In the presentation of the results it was underlined how the bank, in the plan that will be presented on 12 December, will be able to “improve” its ambitions in terms of “profitability” and “shareholder remuneration”. Castagna identified the drivers of a “potential upward revision” of the targets in the “resilient interest margin“, thanks to one “higher rate scenario for longer” and to the “benefits of investment grade”, in a “greater diversification of core revenues”, which will benefit from the reorganization of the insurance activities and the payments business, in a “rigorous control of costs” and in a “low risk profile “.
Confirming the 2023 guidance on NII of approximately 3.25 billion euros, the CEO highlighted that “more likely we will be a little above“.
With the publication of the accounts, Banco BPM has also the sales target for impaired loans increased to over 900 million euros compared to the previous target of over 700 million, of which 500 million relating to transfer operations already carried out since the beginning of the year, with a clear future benefit on the stock of gross impaired loans and on credit quality indicators.