Bid target Banco BPM raises 2025 guidance after strong first quarter
MILAN, May 7 (Reuters) - Banco BPM (BAMI.MI), opens new tab raised its 2025 guidance after a bigger-than-expected 38% rise in first quarter net profit thanks to rising fee and trading income which offset a decline in the net interest margin, it said on Wednesday.
The bank, the target of a 13.8 billion euro all-share offer from UniCredit (CRDI.MI), opens new tab, reported a net profit of 510.7 million euros ($580.5 million) in the January-March period, up from 370 million a year earlier.
That compared with an analyst consensus forecast compiled by Reuters of 445 million euros.
Net interest margin declined by 5.5% year-on-year in the first three months as the gap between lending and deposit rates shrinks.
Banco BPM said it now expected a net profit of 1.95 billion euros in 2025 from previous target of 1.7 billion euros. ($1 = 0.8798 euros)
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