March 16, 2017 / 12:42 PM / 4 months ago

Banca IFIS sees break-even for Interbanca in 2017

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MILAN, March 16 (Reuters) - Banca IFIS, an Italian lender specialising in bad loan management, said on Thursday it expected newly acquired Interbanca to reach break-even this year.

The Venice-based bank bought the financial unit of GE Capital last year to expand its business in the company financing, leasing and factoring sectors.

In its 2017-2019 business plan, Banca IFIS said it expected the group's net profit to grow annually at an average rate of 40-45 percent, up from the 90 million euros posted in 2016.

The bank sees return on equity to exceed 15 percent in 2019, while earning per share is expected above 4.5 euros. (Reporting by Francesca Landini, editing by Giulia Segreti)

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