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Banco BPM aims to top 1 billion euro profit in 2024, bring insurance in house -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: On January 29th 2016, a woman walks past the Banca Popolare di Milano Bank (BPM), in Milan. REUTERS/Alessandro Garofalo

MILAN (Reuters – Banco BPM stated Friday that it aims to make a profit exceeding 1 billion euro ($1.2 billion) by 2024 as part of a plan. The new plan envisages Italy’s third largest bank acquiring all of its insurance partners.

Banco BPM predicted that revenues would grow by 2.4% each year over 2021-2024. This is due to a 6.3% rise in net fees for its asset management company and an 8.8% increase in insurance revenue.

Banco BPM posted a net profit of 110.7 millions euros in the third quarter, a decrease of 30% from one year ago and a drop 58% over the three previous months. ($1 = 0.8658 euros)

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