Italy's BPER Banca doubles dividend as rate hikes help profit

MILAN (Reuters) - BPER Banca said on Wednesday its dividend for 2022 had doubled as rate hikes and lower loss provisions helped its profit offsetting higher costs.

Italy's fourth-largest bank reported a net profit of 1.45 billion euros ($1.56 billion) last year, slightly below a 1.6 billion euros forecast in a Reuters analyst poll.

Net interest income rose 19% in the fourth quarter compared with the previous one and was up 46% year-on-year to 565.5 million euros, above the bank's guidance of 500 million euros, boosted by higher rates and the recent acquisition of smaller peer Banca Carige.

BPER Banca said its board would propose a dividend per share of 12 euro cents on 2022 earnings, up from 6 euro cents for 2021.

($1 = 0.9314 euros)

(Reporting by Andrea Mandalà, editing by Gianluca Semeraro)