S&P lifts Banco BPM to BBB+ and JPMorgan targets BPM Bank stock

Published on 10/12/2026 at 09:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half 2026 net income reached EUR 1.06 billion. BPM Bank stock was EUR 14.98 at Lang & Schwarz on October 12, 2026. Banco BPM reports on November 5, 2026.

Key points in brief

S&P Global Ratings raised Banco BPM's issuer rating to BBB+ from BBB on September 29, 2026.
First-half 2026 net income reached EUR 1.06 billion, according to Banco BPM's earnings-call transcript.
JPMorgan resumed coverage with a Neutral rating and a EUR 17.00 target on September 16, 2026.
The next scheduled Banco BPM results update is November 5, 2026.

Isometrisches 3D-Diagramm der Produktionskette eines Bremssystems vom Rohguss bis zum Einbau — Brembo S.p.A. (ISIN IT0005218380) veranschaulicht dieses isometrische Diagramm die Wertschöpfungskette von Bremssystemen vom Rohguss, Illustration mit AI erstellt.

BPM Bank (ISIN IT0005218380) was trading at EUR 14.98 at Lang & Schwarz on October 12, 2026 at 9:10 a.m. CEST. The latest company event was a rating upgrade: S&P Global Ratings raised Banco BPM's long-term issuer rating from BBB to BBB+ on September 29, 2026, while keeping a positive outlook.

Three milestones shaped the year

Banco BPM's first-half 2026 net income reached EUR 1.06 billion, a record level cited in the Yahoo Finance transcript for the period ended June 30, 2026. On September 15, 2026, Banco BPM disclosed through its investor-relations page a EUR 7.00 million share-buyback program for employee incentive plans.

The chronology ends with the September 29, 2026 upgrade from BBB to BBB+, which S&P linked to restored risk-adjusted capitalization, the integration of Anima and progress toward strategic targets. S&P also projected Banco BPM's net profit at EUR 2.0 billion to EUR 2.2 billion for 2027-2028, a forward estimate rather than a reported result.

What does the rating change mean?

The upgrade strengthens the credit-quality narrative, but it does not remove execution questions around capital distribution and Italian banking consolidation. S&P said Banco BPM's risk-adjusted capital stood at 8% in December 2025 and expected it to remain above 7% over the following two years.

JPMorgan provides a separate valuation reference. According to Investing.com on September 16, 2026, JPMorgan resumed coverage at Neutral with a EUR 17.00 price target. Its analysts noted that Banco BPM had outperformed the sector by 100% over five years and traded at 10.5 times estimated 2028 earnings, highlighting the valuation premium alongside the stronger operating profile.

November 5 results date

Banco BPM's investor-relations calendar schedules the publication of additional financial information for the period ended September 30, 2026, on November 5, 2026. That update will give investors a fresh operating checkpoint after the EUR 1.06 billion first-half net income figure and the September rating action.

Stock trades in morning session

The EUR 14.98 Lang & Schwarz price was quoted on October 12, 2026 at 9:10 a.m. CEST. Banco BPM's primary listing is Borsa Italiana under ticker BAMI.MI, and its market capitalization was EUR 22.2 billion as of October 9, 2026.

The further course of trading is shown by the continuously updated real-time quote of BPM Bank stock.