Q3 2024 Banco BPM SpA Earnings Call Transcript
Key Points
- Banco BPM SpA (BNCZF) reported a strong Q3 performance with a 19% growth in normal activity over the last quarter.
- The company increased its EPS guidance for the full year 2024 from EUR0.90 to EUR0.95, indicating confidence in its financial outlook.
- The interim dividend was approved at EUR600 million, EUR0.4 per share, reflecting a robust dividend policy.
- The Common Equity Tier 1 ratio increased by 132 basis points in nine months, reaching 15.50%, showcasing strong capital management.
- Banco BPM SpA (BNCZF) announced a strategic public offer on Anima, aiming to enhance its business model and deliver value to shareholders.
- The company faces challenges with a reduction in core direct deposits by EUR1.5 billion, partly due to the reduction of institutional customer deposits.
- Operating costs remain in line with last year, but personnel costs increased by EUR75 million, impacting overall expenses.
- The gross NPE ratio saw a reduction, but the company still anticipates EUR700 million of total NPE disposals by year-end.
- The insurance business, although improved, had a reversal of loss components, indicating previous underperformance.
- The transaction with Anima, while strategic, involves complexities and potential risks related to integration and maintaining distributor relationships.
Good evening. This is the Chorus Call conference operator. Welcome, and thank you for joining the Banco BPM Group nine months 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Arne Riscassi, IR Manager of Banco BPM Group. Please go ahead, sir.
Good evening, everybody. I will apologize for the delay. Let me remind you that today, the conference call will be focused both on the nine-month group results of Banco BPM and of the just announced a cash tender offer -- public tender offer that we launched to (inaudible).
Now I leave the floor to Mr. Castagna. Thank you.
Good evening, everybody. Sorry also on my behalf, I will try to keep as less time as possible to give you the presentation, because you got the presentation early this afternoon. So I'm sure we have gone through the different aspect. But having such an
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