January 14, 2020 / 11:10 AM / a month ago

CORRECTED-Italy's Banca IFIS targets 147 mln euro net profit in 2022

(Corrects size of bank’s bad loan portfolio in fourth paragraph)

MILAN, Jan 14 (Reuters) - Italy’s Banca IFIS said on Tuesday it is targeting 6% annual profit growth under a new business plan to 2022, further expanding its core bad loan business after talks to merge it with rival Credito Fondiario fell apart last year.

The bank is aiming for a net profit of 147 million euros in 2022, up from 123 million euros expected last year, just over half of which came from its impaired loan business.

Venice-based IFIS has been a pioneer in betting on distressed debt, becoming a leader in unsecured loans.

CEO Luciano Colombini told an investor presentation the bank, which aims to add a nominal 8.5 billion euros in soured loans to its current 18 billion euro portfolio under management, would strive to diversify into secured loans.

Controlled by Italy’s Von Furstenberg family and active also in the factoring business, IFIS said it did not expect any major impact in the next three years from tighter European Central Bank rules which force banks to provision in full over time new loans turning sour. (Reporting by Valentina Za; editing by Jason Neely)

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