Banco BPM reported a jump in second-quarter profit on Tuesday, helped by fees from its newly acquired asset manager Anima Holding.
It reaffirmed its full-year guidance after fending off a takeover attempt by UniCredit.
The bank posted net profit of €703.8 million ($815 million) for the quarter, up from €380 million a year earlier and ahead of some analyst forecasts.
The results mark the first quarter to include contributions from Anima, which Banco BPM acquired as it sought to block UniCredit’s approach.
Revenue came in at €1.55 billion, in line with expectations. A 9.6% rise in fee income helped offset a 3.9% drop in net interest income, reflecting pressure from lower interest rates.
source https://www.investing.com/news/earnings/banco-bpm-profit-jumps-on-anima-boost-after-unicredit-drops-bid-4170857
