Banco BPM may lift 2024 EPS forecast after first-quarter profit beat

By Jerry  Published On May 8, 2024
MILAN, May 7 (Reuters) – Banco BPM (BAMI.MI), opens new tab said on Tuesday it may raise its earnings per share guidance for the year after posting a higher than expected first-quarter net profit.
Italy’s third-largest bank reported a net profit of 370.2 million euros ($398.8 million) for the January-March period, up 40% on a annual basis, as rising revenues and falling loan-loss provisions more than offset an increase in costs.
This compared with an analyst consensus estimate of 352 million euros, LSEG data shows.
Banco BPM, whose leading shareholder and main commercial partner is French bank Credit Agricole (CAGR.PA), opens new tab, confirmed its profit and shareholder remuneration outlook for this year.
However, it added that the robust quarterly results created scope for a potential improvement in its 90 euro cent per share 2024 earnings guidance.
“The current numbers shows us that it’s possible to change the guidance, and the outlook is very positive, but let’s wait,” Banco BPM CEO Giuseppe Castagna told analysts in a post-results conference call.
Source: REUTER

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