Italy's BPER hikes payout ratio to 75%, bets on net fees
MILAN, Oct 10 (Reuters) -Italy's fourth-largest bank BPER EMII.MI on Thursday said it would pay out on average 75% of profits to shareholders through 2027, and bet on strong fee growth to sustain its net income as interest rates decline.
The near tripling of BPER's payout ratio versus 2023 will put it ahead of sector leader Intesa Sanpaolo ISP.MI, and benefit BPER's top investor Unipol US.MI, Italy's No.2 insurer which has backed BPER's expansion over the past few years.
BPER has grown rapidly through acquisitions in recent years, nearly doubling its total assets.
The bank presented a new multi-year strategy after naming as its new chief executive veteran UniCredit banker Gianni Franco Papa earlier this year.
It plans to return to investors 3.2 billion euros in cash dividends through 2027.
While the acquisitions have boosted BPER's revenues, they have also entailed high integration costs, such as funding accords with unions for voluntary early exits of staff, leaving the bank little room to reward shareholders so far.
Reporting by Andrea Mandalà, editing by Valentina Za
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