Banco BPM on Wednesday raised
targeted profits and payouts for investors amid strong results
in 2024 following a bid from rival bank UniCredit.
Italy's third-largest bank announced it was upping the price of
an offer to buy out other investors in Anima Holding.
Banco BPM approved a new industrial plan aiming to garner over
7.7 billion euros in accumulated net profit over the 2024-2027
period, ensuring to return shareholders over 7 billion euros.
The lender closed 2024 with a net profit of 1.9 billion euros,
up 52% on the previous result, and with a net adjusted profit up
18% to 1.7 billion euros, exceeding by 24% the 2024 guidance and
by 13% the 2026 target.
BPM has called a shareholder vote on February 28 on upping the
price of the Anima offer to 7 euros per share from the 6.2 euros
it offered last November.
Banco BPM CEO Giuseppe Castagna and President Massimo Tononi
said in a note that, with the publication of the group's
"excellent results" and its updated targets, UniCredit's offer
"clashes in an increasingly clear manner with the proved
capacity of Banco BPM to produce excellent performances, with
further perspectives of growth and concrete, credible and
achievable profitability".
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