Bper Banca closes first quarter with consolidated net income of 457.3 million euros, up 57 percent, and net interest income up 16.2 percent to 843.6 million.

Consensus estimates compiled by Reuters indicated a net income of 453 million.

"The current market environment, characterized by continued uncertainty, certainly presents us with new challenges that I am sure we will be able to manage," commented newly appointed CEO Gianni Franco Papa in a note. "Personally, I can only express my pleasure to be at the helm of this group; together with the management team and all my colleagues I will work so that in the coming years Bper will pursue increasingly significant growth objectives."

For fiscal year 2024, the bank confirms the guidance that presents a slightly declining net interest income consequent to a potential reduction of the banking spread correlated to a less restrictive monetary policy, net commissions with a positive dynamic thanks to the development of revenues from asset management and brokerage and advisory services, operating expenses in line with those of 2023 with respect to which the full effect of the renewal of the national collective labor agreement for the sector should be considered, the statement specifies.

On the credit quality front, gross and net Npe ratio in the quarter stood at 2.6 percent and 1.2 percent respectively from 2.4 percent and 1.2 percent at the end of 2023.

The cost income ratio was 51.7 percent, down from the ordinary figure for the fourth quarter of 2023 (53.4 percent).

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(Sabina Suzzi, editing Gianluca Semeraro)