BPER raises 2024 core capital target after nine-month net profit gain
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MILAN, Nov 7 (Reuters) -BPER Banca EMII.MI on Thursday raised its capital ratio guidance for the year after reporting a slight increase in nine-month net profit.
Italy's fourth-largest bank now sees its 2024 Common equity Tier 1 ratio, a key measure of financial strength, at "around 15%", after it guided for a level "above 14.5%" in a recent industrial plan.
At the end of September the ratio was 15.8%.
Under a strategic plan unveiled last month the bank said it would increase its payout ratio to 75% on average of its profits through 2027, from slightly below 30% in 2023.
The bank's net profit totalled 1.1 billion euros in the January-September period, up 2.2% from a year earlier, as rising revenues and falling loan-loss provisions more than offset an increase in costs.
Income from its lending business rose 5.9% annually to 2.5 billion euros, while commissions were up 3.5% helped by non-life insurance business.
BPER said it will hold an extraordinary shareholders' meeting in the second half of December to introduce an amendment to the bylaws aimed at providing for the possibility of paying interim dividends.
Andrea Mandalà, editing by Gianluca Semeraro and Jane Merriman
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