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Banco BPM (BAMI) investor relations material
Banco BPM H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for H1 2025 reached a record €1.21bn, up 61.9% year-over-year, representing 62% of the full-year guidance of €1.95bn, with strong capital and operational performance and CET1 at 13.3%.
The Anima acquisition was completed in April 2025, increasing the stake to ~90%, fully consolidating its contribution, boosting group volumes, profitability, and adding €156bn in customer financial assets.
Non-interest income now accounts for 49% of total revenues, with cost/income ratio improved to 44.6% and cost of risk at 33bps.
Lending grew 50% year-over-year to €15.3bn, investment product sales increased 12% year-over-year, and wealth, asset management, and protection businesses now contribute 35% to net income.
Interim dividend for 2025 set at ~€700m (+17% vs 2024), with €800m already accrued in H1 and cumulative 2024-2025 dividends at €2.2bn.
Financial highlights
Total revenues for H1 2025 rose to €3.02bn (+8.2% year-over-year); net interest income declined 7% to €1.60bn, while net fees and commissions grew 15.3% to €1.21bn.
Operating costs were stable at €1.35bn (+0.7% year-over-year), with pre-provision income up 15.2% to €1.68bn.
Loan loss provisions fell 15.4% to €164m; cost of risk improved to 33bps from 38bps.
Adjusted net income (excluding non-recurring items) was €1,006.5m (+29.7% year-over-year).
Gross NPEs down 23% year-over-year; net NPEs (excluding state guarantees) at 0.84% of total loans.
Outlook and guidance
Full-year 2025 net income guidance confirmed at ~€1.95bn, with 62% already achieved in H1.
Fee and commission growth expected to continue, supported by Anima integration and favorable market conditions.
Interim dividend for 2025 guided at €0.46 per share (+17% vs. 2024), with annualized expected dividend yield at 8%.
CET1 ratio expected to remain above 13% throughout the plan horizon.
Operating expenses to benefit from workforce reductions and cost optimization.
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