Italian bank Banco BPM on Wednesday joined bigger peers in lifting its 2023 net profit goal - the third such upgrade in as many consecutive quarters - as the sector reaps the benefits of higher interest rates.
Italy's third-largest bank said it now expects a full-year net profit of at least of 1.2 billion euros, or 80 euro cents per share up from a previous 75 euro cents per share.
Banco BPM said net profit for April-June came in at 359 million euros, above a 335 million analyst consensus compiled by Reuters.
The bank said it would update its shareholder reward targets when it presents a new business plan by the end of December.
Revenues jumped 18.5% from a year ago, as more profitable margins on lending, despite weak volumes, more than offset a slowdown in fee income amid volatile markets.