Italy’s Banco BPM Quarterly Results Boosts After Strong Quarterly Performance

Italy’s Banco BPM Quarterly Results Boosts After Strong Quarterly Performance

MILAN, Aug 5 (Reuters) – Banco BPM  strengthened its full-year guidance on Wednesday after reporting second-quarter earnings above market expectations, days after ​the collapse of merger talks with Monte dei Paschi ‌di Siena (MPS)

Failure to strike a deal with MPS, which has become a takeover target for market leader Intesa Sanpaolo , leaves BPM without what ​had long been seen as its natural merger partner.

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Banco ​BPM, Italy’s fourth-largest bank, last week said it ⁠was abandoning a plan to seek a merger with MPS ​after making no definitive progress since it first proposed discussing ​a tie-up in early June.

The announcement came after BPM’s main shareholder, French bank Credit Agricole, said it saw no value in such a merger ​and expressed a preference for BPM to combine with ​its own Italian unit as the sector consolidates.

Banco BPM strengthened its financial outlook ‌for ⁠2026 saying the dividend, which it had set at €1 euro per share, could exceed that value on the back of a net profit of more than €1.95 billion.

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It increased the overall shareholder ​remuneration for ​the 2024-2027 period ⁠to around €7 billion, from €6 billion previously, which it will pay out as cash dividends and ​share buybacks.

Net income in the three months through ​June ⁠totalled €581 million, well ahead of a €531 million analyst consensus compiled by Reuters.

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The figure was down from €704 million a year earlier, when ⁠earnings ​were boosted by a €202 million one-off ​gain from the revaluation of a stake in asset manager Anima Holding which ​BPM acquired last year.