Italy's BPER sees 2024 income stable despite "slightly" lower interest margin [Reuters]
BPER BANCA SPA UNSP/ADR (BPXXY)
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Source: Reuters
items in line with last year despite expected rate cuts likely to erode the bank's net interest margin this year. Italy's fourth-largest bank said the gap between lending and deposit costs is expected to narrow "slightly" in 2024, while a positive trend in net fees will continue to support revenues, with costs remaining stable. Like larger peers , BPER Banca has seen its profits boosted by higher interest rates, with income from its lending business jumping 78% from the previous year to 3.25 billion euros ($3.50 billion), in line with analysts' expectations. The lender reported a net profit of 1.52 billion euros last year, beating the LSEG estimate of 1.2 billion euros. Higher revenues and lower loan loss provisions more than offset larger costs to fund staff exits. BPER Banca said it would propose a dividend of 30 euro cents per share on 2023 earnings, up from 12 euro cents for 2022. At the end of December, core capital stood at 14.5% of risk weighted assets. BPER Banca C
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