Banco Bpm Societa Ord

Good evening, this is the Chorus Call Conference Operator. Welcome, and thank you for joining the full year 2023 Banco BPM Group Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Arne Riscassi, Investor Relations Manager of Banco BPM. Please go ahead.

Good evening. Thanks for joining the conference. As a reminder, the results documentation is available on our website in the investor relations section. And as you know, the Q&A session is reserved for financial analysts, possibly with a limit of two questions each. Now I'll leave the floor to our CEO, Mr. Giuseppe Castagna. Thank you.

Thank you, Arne. Good evening, everybody. Welcome to the full year 23 presentation of Banco Bpm. Very glad to present our results. This time, I think we are the last bank to present results, so maybe it could be also easier for you to make comparison and look at the result with a full picture of the banking system. Let's say we are satisfied of our performance, which not only Bpm Societa Ord Bpm Societa Ord Bpm Societa Ord Bpm Societa Ord Bpm Societa Ord with an ROT of 12.4% versus 7% in 2022. Common equity tier 1 ratio is higher 132 basis points at 14.2 versus a guidance of 14% with a very comfortable MDA buffer of 542 basis points. Most of all, it's important to notice that we have built the possibility to give to increase the shareholder remuneration from the guidance of 750 million to 848 million, leaving 67% as our payout ratio with a proposed dividend per share of 56 cents. I remember then in 2022 we were able to distribute 23 cents. so is more than 140% as dividend distribution. On page seven, let's look also having a view not only to the results but also to the roadmap to the business plan. Let's say that we are not only in all the main item above the guidance but also much closer to the target results. core revenues are 4 billion 340 million almost 9 million above guidance and only 110 million below the target 2026 the same for operating costs we are 30 million below guidance and 130 million below target 2026 Pre-provision income, we are 120 million above guidance and even over the strategic plan target of 2,750,000,000. Cost income is down to 48%, previous last year's was 54%, with a guidance of less than 50% as well as the strategic plan target. cost of risk is 53 basis points compared to 62 in 2022 and 45 as a target for 26. Let's say that out of these 53 basis points 9 basis points are related to the front loading of new disposal of MPE targeted by the plan already front loaded so the real cost of risk would be