MILAN (Reuters) – UBI Banca (UBI.MI) aims to nearly double its net profit in the next three years by cutting costs and reducing losses from problem loans, the bank said on Monday. FILE PHOTO: The headquarter of UBI bank is seen in Brescia, Italy, March 9, 2016. REUTERS/Alessandro Bianchi Under a new plan to boost profitability up to 2022, UBI will lay off 2,030 employees, or around 10% of staff, and close 175 branches. UBI, Italy’s fifth biggest bank, will also further reduce its share of impaired debt to 5.2% of total lending by the end of 2022, meeting a threshold which has become the new benchmark for lenders across Europe. Italy’s banks have had to cut costs and reduce bad debts to recover from the country’s deep recession that turned almost a fifth of overall loans sour. Under UBI’s bad loan clean-up, writedowns of problem loans will roughly halve to 387 million euros (£322.41 million) in 2022. “This is a major contribution to earnings growth under the plan,” Chief Executive Victor Massiah told a news conference. UBI will target a 665 million euro ($721 million) net profit in 2022 compared with a 2019 level of 353 million euros net… Read full this story
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