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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.H1 2025 earnings summary5 Aug, 2025
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.
Beyond current plans, what further capital optimization actions are considered?
How does the bank view its role in future M&A?
Plans to adjust replicating portfolio duration
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Q3 20256 Nov, 2025
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Frequently asked questions
Banco BPM S.p.A. is an Italian bank that provides a wide range of financial services to individuals, businesses, and institutional clients. The bank offers retail and commercial banking services, including savings and checking accounts, loans, mortgages, and credit cards. In addition, Banco BPM provides wealth management, investment banking, and insurance products. The bank caters to sectors such as retail, small and medium-sized enterprises (SMEs), and large corporations, delivering both traditional banking and digital solutions. The company is headquartered in Milan, Italy, and its shares are listed on the Borsa Italiana.
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