MILANO (Reuters) -Banco BPM on Tuesday reported higher then expected quarterly earnings helped by fees earned through newly acquired fund manager Anima Holding, and confirmed the full-year outlook after staving off a takeover by lager peer UniCredit.
Earnings for the three months through June are the first set of figures to include Anima, which Banco BPM managed to buy as it strived to fend off UniCredit’s bid.
UniCredit last month dropped its takeover bid for Italy’s third largest bank after running into government opposition.
Banco BPM said second-quarter net profit stood at 703.8 million euros ($815 million), up from 380 million a year earlier and above an LSEG consensus estimate of 646 million euros.
Revenues met expectations at 1.55 billion euros with a 9.6% rise in fees which more than offset a 3.9% decline in net interest income amid lower interest rates.
($1 = 0.8639 euros)
(Reporting by Andrea Mandalà; Editing by Valentina Za)
