BPER Banca (BPE) Q3 2025 earnings summary

Executive summary

• Net profit reached €1,478.6 million, up 30% year-over-year, driven by the BPSO acquisition and strong commission and cost efficiency.

• Total revenues were €4.6 billion, with core revenues at €4.4 billion and a cost/income ratio of 46.0%.

• Integration of BPSO is progressing on schedule, with 23 workstreams active and full merger completion targeted for April 2026.

• Asset quality remains robust, with a cost of risk at 24bps and a CET1 ratio of 15.1%.

• Interim dividend of €0.10 per share was approved, with a total payout of €196.4 million.

Financial highlights

• Total operating income rose to €4,646.3 million, up 12.5% year-over-year.

• Net profit for the first nine months reached €1.5 billion, up nearly 20% year-over-year, with net profit excluding BPSO at €1.3 billion.

• Operating costs decreased by 3.7% to €2,135.7 million, reflecting efficiency gains.

• Net commission income rose to €1,709.7 million (+13.8% YoY), supported by wealth management and bancassurance.

• Net loans to customers increased to €125.9 billion, up 39.7% from year-end 2024, mainly due to the BPSO acquisition.

• Total financial assets reached €415 billion, driven by BPSO integration.

Outlook and guidance

• FY25 guidance projects total revenues of ~€6.4 billion and net profit expected at €1.5 billion, with cost/income ratio targeted below 48% and CET1 ratio above 14.5%.

• Synergies from BPSO integration expected at ~€290 million by 2027, with integration costs of ~€400 million, mostly expensed in 2025.

• Dividend payout ratio confirmed at up to 75% of combined profit, with potential for higher payout if capital generation remains strong.

• Updated business plan to be presented by mid-2026.