Banco BPM profit beats forecasts with Anima boost after UniCredit drops bid
Earnings for the three months through June are the first set of figures to include Anima, which Banco BPM managed to buy as it strived to fend off UniCredit's bid.
UniCredit (CRDI.MI), opens new tab last month dropped its takeover bid for Italy's third largest bank after running into government opposition.
Banco BPM said second-quarter net profit stood at 703.8 million euros ($815 million), up from 380 million a year earlier and above an LSEG consensus estimate of 646 million euros.
Revenues met expectations at 1.55 billion euros with a 9.6% rise in fees which more than offset a 3.9% decline in net interest income amid lower interest rates.
($1 = 0.8639 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
28 minutes ago
- The Guardian
Aston Villa close in on £30.5m deal for Nice forward Evann Guessand
Aston Villa are close to making the Nice forward Evann Guessand their first major summer signing. Villa have agreed a package worth €35m (£30.5m) for the Ivory Coast international. Villa have scheduled a medical for Guessand on Wednesday and plan to sign the 24-year-old to a long-term contract. The France-born player scored 12 goals in 32 appearances in Ligue 1 last season and scored his first international goal in March. His arrival would be a boost to Unai Emery's attacking options, with Ollie Watkins the only bona fide striker in the Villa squad. Like Donyell Malen, Guessand's versatility makes him an attraction option for Villa. Villa have had to be mindful of profitability and sustainability regulations this summer and their only other first-team signing so far is the experienced goalkeeper Marco Bizot, who was signed as a No 2 from Brest. Zépiqueno Redmond, signed from Feyenoord, could depart on loan. Uncertainty continues to surround Emiliano Martínez, who is thought to be keen on exploring a fresh challenge. Watkins has been the subject of interest from rivals but Villa do not wish to sell. Villa also want to trim their squad and offload fringe players such as Àlex Moreno and Leander Dendoncker. Meanwhile, Liverpool midfielder Tyler Morton has joined Lyon in a £15m deal. The 22-year-old, who came through the academy ranks at Liverpool, had interest from several European and Premier League clubs this summer but opted to pursue more regular first-team football in France. Liverpool have also negotiated a 20% sell-on clause in any future transfer. The Premier League champions are well stocked in central midfield and Morton's opportunities may have been further limited next season by the return of Stefan Bajcetic, plus the development of James McConnell and Luca Stephenson.
Telegraph
28 minutes ago
- Telegraph
Britain already has a de facto wealth tax
New figures from the National Institute of Economic and Social Research show that Chancellor Rachel Reeves is on course to miss her borrowing targets by over £40bn, again raising the prospect of fresh tax hikes this autumn. There are few prizes on offer for guessing where the minds of Labour MPs will turn. Yet between inheritance tax, council tax, stamp duty, capital gains, corporation tax, and the tax on interest, there is scarcely an element of an individual's portfolio which isn't in some way squeezed to fund the ever-expanding welfare state. An additional 120,000 people are predicted by HMRC to pay income tax on the interest on their savings this year, bringing the total number paying to 2.64 million. Some of this is due to higher returns; another component, however, is down to the freeze in tax thresholds, driving down the inflation adjusted value of the tax-free limit. Britain is not a country blessed with an excessive level of private savings and with the Government actively attempting to boost investment, it might be thought that penalising one of the channels through which funds can be lent to firms would be discouraged. Such analysis, however, reckons without the obsessive equalising instinct which has taken root in Westminster. With the Government apparently fixated on the curious objective of divorcing living standards from economic contributions entirely, the need for tax revenue today is taking precedence over the need to provide for tomorrow. The result of this short-sighted creation of a hostile environment for wealth will surely be to further undermine the sustainability of the public finances in the long run.
Reuters
28 minutes ago
- Reuters
US approves repair services for howitzer artillery guns, other military sales to Ukraine
Aug 5 (Reuters) - The U.S. State Department has approved the potential sale of repair and sustainment support for M777 howitzer artillery guns and transportation and consolidation services to Ukraine for an estimated total of $203.5 million, the Pentagon said on Tuesday. The principal contractor for equipment, repair services, and sustainment support for the howitzers will be BAE Systems (BAES.L), opens new tab, while the principal contractor for transportation and consolidation services will be determined from approved vendors, the Pentagon said in a statement.
