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Visual21 Nov 2025
Data center suppliers
Banco BPM (BAMI) investor relations material
Banco BPM Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net income for 9M 2025 reached €1.66 billion, up 17% year-over-year excluding one-offs, achieving 85% of full-year guidance of ~€1.95 billion, with strong capital (CET1 ratio at 13.52%) and robust commercial performance, including new lending up 39% year-over-year and AUM net inflows of €1.7 billion.
Non-interest income now accounts for 49% of total revenues (proforma), up from 39% in 2024, reflecting a more diversified and resilient business model.
Cost/income ratio improved to 45% from 47% in 2024, and cost of risk declined to 34bps from 40bps, driven by effective credit management and operational discipline.
Interim dividend of €0.46 per share approved, up 15% from 2024, with €1.17 billion dividends accrued in 9M 2025 and a payout ratio of 80%.
Strategic integration of Anima Holding completed, enhancing the group’s fee-based and product factory-driven business model.
Financial highlights
Total revenues for 9M 2025 were €4.48 billion, up 5% year-over-year; net fees and commissions rose 18% to €1.83 billion, and investment product fees increased 10.7% year-over-year.
Net interest income declined 8.7% year-over-year to €2.36 billion, but was offset by growth in non-NII components.
Operating costs were €2.04 billion, up 2.2% year-over-year, with cost discipline maintained.
Pre-provision income rose 7.4% to €2.44 billion, and total provisions dropped 30.6% to €244 million.
Cost/income ratio improved to 45%, and cost of risk fell to 34 bps.
Outlook and guidance
2025 net income guidance of ~€1.95 billion reaffirmed, with 85% already achieved in nine months.
Management remains prudent on Q4, citing possible fiscal impacts, but confident in meeting or exceeding guidance.
NII expected to stabilize and recover, with a 2026 target above €3 billion, assuming EURIBOR at 2%.
Dividend policy remains at 80% payout, with potential for increase depending on year-end capital generation.
Strategic plan targets for 2027 include net income of €2.15 billion and ROTE above 21%.
How does Anima acquisition impact non-NII revenue mix?
What NII stabilization actions are planned for Q4 and beyond?
How will the >€6bn remuneration target by 2027 be achieved?
NII trough: What specific actions drive future growth
Capital strength: When consider higher dividend payout
M&A: Beyond Anima, what opportunities are eyed
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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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