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Banco BPM aims to top 1 billion euro profit in 2024, bring insurance in house
Published by maria gbaf
Posted on November 5, 2021
1 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by maria gbaf
Posted on November 5, 2021
1 min readLast updated: January 28, 2026
Banco BPM aims for a net profit over 1 billion euros in 2024, planning to fully own its insurance partnerships and expecting significant revenue growth.
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)
The main topic is Banco BPM's financial goals for 2024, including a target profit of over 1 billion euros and plans to acquire full ownership of its insurance partnerships.
Banco BPM plans to increase revenue through a 6.3% rise in net fees from asset management and an 8% increase in insurance business revenue.
Banco BPM reported a third-quarter net profit of 110.7 million euros, down 30% from the previous year.
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