(Alliance News) - The board of Banco BPM Spa on Tuesday approved the financial report for the first quarter of 2024, closing with a net profit of EUR370.2 million compared to EUR 265.3 million in the first three months of 2023.

As a result, net income from continuing operations amounted to EUR446.3 million and was up 37 percent from the figure of EUR326.8 million in the first quarter of 2023 and 30 percent from EUR343.1 million in the fourth quarter of the previous year.

Net interest income stood at EUR864.4 million, up 16 percent from the first quarter 2023 figure of EUR743.0 million, "mainly due to the increase in the commercial spread as a result of the rise in interest rates and the limited impact on the cost of deposits," the released note said. Compared to the fourth quarter of 2023, the margin is essentially stable.

Net fees and commissions for the first quarter amounted to EUR521.6 million, up 5.8 percent compared to the corresponding period of the previous year and 11.7 percent when compared to the fourth quarter of 2023.

Direct bank deposits amounted to EUR129.1 billion, up 2.4% compared to the end of December 2023 and 3.4% compared to March 31, 2023; "core" customer deposits - deposits and current accounts - amounted to EUR99.7 billion instead.

Indirect customer deposits are EUR110.3 billion, up nearly 4 percent from December 31, 2023 and over 15 percent from March 31, 2023. Of these, assets under management - assets under management - is EUR63.6 billion, up 2.6 percent compared to Dec. 31, 2023.

Assets under administration, on the other hand, is EUR46.7 billion, up 5.7 percent compared to Dec. 31, 2023, and up more than 31 percent compared to March 31, 2023.

Among capital ratios, the Common Equity Tier 1 ratio is 14.7 percent compared to 14.2 percent as of Dec. 31, 2023.

Tier 1 ratio is 17.0 percent compared to 16.3 percent as of Dec. 31, 2023 while Total Capital ratio is 20.5 percent compared to 19.0 percent as of Dec. 31, 2023.

"The growth in the Total Capital ratio is also linked to a new issue of subordinated Tier 2 securities with a nominal amount of EUR500 million that took place during the first quarter of 2024," the company note specified.

Banco BPM closed Tuesday's session in the green by 2.0 percent at EUR6.34 per share.

By Maurizio Carta, Alliance News reporter

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