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

MILAN (Reuters) – Banco BPM said on Friday it targeted a net profit of more than 1 billion euros ($1.2 billion) in 2024 under a new plan which envisaged Italy’s third-largest bank acquiring full ownership of its insurance partnerships.

Banco BPM said it expected revenues to grow 2.4% annually on average over the 2021-2024 period, driven by a projected 6.3% increase in net fees from it asset management business and an 8% rise in revenue from the insurance business.

Banco BPM reported a third-quarter net profit of 110.7 million euros, down 30% from a year earlier and down 58% from the previous three months. ($1 = 0.8658 euros)

(Reporting by Andrea Mandala and Valentina Za, editing by Maria Pia Quaglia)

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