Milan: 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.
According to Ansa News Agency, 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”.
