February 28, 2019 / 7:12 AM / 4 months ago

Italy's BPER bets on fees to reach 450 mln euro 2021 profit

MILAN, Feb 28 (Reuters) - Italy’s BPER Banca said it targeted a 450 million euro profit ($512 million) in 2021 by focusing on insurance and wealth management products to boost fees and offset weak growth in its interest income.

Net income at Italy’s sixth-largest bank stood at 402 million euros last year. Under a new three-year plan, BPER said it would cut the weight of soured loans over total lending by more than 3 percentage points to below 9 percent in 2021.

BPER Banca targets an average dividend payout of around 25 percent over the plan’s period, it added.

$1 = 0.8794 euros Reporting by Giulio Piovaccari, editing by Valentina Za

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