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FINANCIALS: BPER Banca: Credit Stats Look OK, Spreads More M&A Related

FINANCIALS

BPER Banca (BPEIM: Baa3/BBB- pos/BBB-) 2Q24 headlines look like a revenue beat but a big net income miss. Loan losses are EUR82m, 16% better than expected but there’s a big hit in the cost line from “contributions to the banking system funds”. More to follow but expectations weren’t that high, and we feel spread moves are more dictated by M&A risk here.

  • “*BPER BANCA 2Q REV. EU1.40B, EST. EU1.38B
  • *BPER BANCA 2Q NET INCOME EU266.9M, EST. EU391.8M

Conf call is 0900 (London time) at: https://87399.choruscall.eu/links/bperbanca240807.html

 

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