February 6, 2020 / 5:44 PM / 13 days ago

Italy's Banco BPM pays first dividend after swinging to profit in Q4

MILAN, Feb 6 (Reuters) - Banco BPM swung to a fourth-quarter profit on Thursday amid lower writedowns on impaired loans and higher trading income despite the weakness in interest income.

Net profit for the three months to December came in at 95.8 million euros, up from a loss of 584 million euros the previous year and above an analyst consensus of 90 million euros.

Full-year profit stood at 797 million euros from a 2018 loss of 59 million, allowing Italy’s third-largest bank to pay a 0.08 euro-per-share dividend, the first to be paid by the lender since being created in 2017 from the merger of two mid-tier banks.

Net interest income — a measure of how much money a bank makes from its core retail business — stood at 478 million euros in the fourth quarter, down some 14 million from a year earlier but more than offset by a strong trading income.

Reporting by Andrea Mandalà; editing by Giulia Segreti

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