Banco BPM (BAMI) Q3 2026 earnings summary

Executive summary

• Adjusted 9M pre-tax profit rose 7.5% to €2.406bn; adjusted net income reached a record €1.532bn, up 2.6%, while reported net income was €1.513bn.

• Revenue growth, lower operating costs and provisions, loan and deposit growth, and improving asset quality supported results.

• FY26 net income guidance above €1.95bn was reaffirmed; management expects to exceed the 2027 pre-tax profit target of €3.15bn.

Financial highlights

• 9M revenues rose 2.1% to €4.666bn on a pro forma basis; non-NII contributed 50% of total revenue.

• Adjusted NII was €2.330bn, up 0.2%; Q3 NII rose 4.6% YoY to €793m.

• Net fees and commissions rose 2.3% to €2.070bn; adjusted operating costs fell 1.9% to €2.044bn.

• Pre-provision income increased 5.4% to €2.623bn; loan-loss provisions declined 12.1% to €224m.

• Taxes rose €120m YoY over nine months; adjusted measures exclude €19.3m of one-off items from net income.

Outlook and guidance

• FY26 net income guidance remains above €1.95bn, including the impact of tax changes and systemic costs; FY26 DPS guidance increased to above €1.

• Q4 NII is expected to grow QoQ and YoY excluding one-offs; FY26 fee income is expected to increase versus pro forma 2025.

• Confidence was expressed in exceeding the 2027 pre-tax profit target of €3.15bn; the next strategic plan is expected by H1 2027.

• Potential 2027 Budget Law tax impacts remain uncertain; mitigation options are to be assessed in the next strategic plan.