(Finance) – The CEO of BPM desk, Giuseppe Castagna, it was said “really very satisfied with the brilliant results achieved”. The bank in fact closed the 20234 financial year with a net profit of 1.26 billion of euros, up 85% compared to last year, and announced a dividend “above guidance” of 56 cents.
Results which – underlines Castagna – “clearly summarize the ability to generate value that we have consistently achieved and which, by virtue of the strategic plan approved last December, we will continue to develop with increasing incisiveness”.
Castagna explained in a conference call that the “performance 2023 it’s not just better than guidance, but it’s also closer than three months ago to the Plan’s 2026 target presented last December”. The manager added that the start of the plan was “very strong” not only in terms of profit, but also in terms of capital solidity, with a CET 1 at 14.2% compared to the 14% of the guidance, in terms of revenues, with 90 million more than expected, and in terms of costs, results 30 million less than expected.
The CEO added that in 2024 “a slight year-on-year increase in interest margin and good growth in commissions” is expected and on this basis he confirmed the targets for the current year And improved the estimate of shareholder remuneration at around 1.4 billion euros, which represents “an excellent step forward towards our goal to distribute 4 billion in dividends by 2026″.
Furthermore, the manager does not exclude to remunerate shareholders also through buyback in addition to the dividend, and assures “both possibilities will be evaluated”.