Banco BPM S.p.A. Q3 2026 Earnings Recap

Banco BPM shares fell 3.4% after earnings, despite the bank confirming its 2026 profit guidance and raising planned shareholder remuneration. The likely pressure point is the outlook for net interest income: management said the impact of lower rates will become more evident in Q4 and especially in 2027, while recent profit growth relied on fees, lower costs and lower provisions.

Key Takeaways

• Nine-month stated net income was €1.513 billion, versus €1.49 billion a year earlier; Q3 net income was €453 million, versus €450 million.
• Total revenues rose 2% year on year, while non-interest income increased 4%; management said this helped offset the decline in net interest income over the past two years, from €2.6 billion to €2.3 billion.
• Costs fell 2% year on year, taking the cost-income ratio from 46% to 44%; cost of risk declined from 34 to 29 basis points.
• Core performing customer loans grew 3.7% and customer deposits 4%; indirect funding rose 7%. New lending reached €21.3 billion in the first nine months.
• The bank confirmed 2026 net profit guidance of above €1.95 billion and raised planned shareholder remuneration from €6 billion to €7 billion, including a buyback subject to ECB approval.