The total financial assets of Poste Italiane reached €586 billion in the year 2021 (up by €17 billion compared to December 2020), driven by record net inflows of €15.1 billion and a positive effect on asset market values of €2.3 billion.
Revenue from Financial Services
Revenues from the Financial Services segment decreased in 2021, on an annual basis, by 3.3% to €4.8 billion (-19.4% compared to the fourth quarter of 2020, equal to €1.1 billion in the fourth quarter of 2021), with the net interest income (NII) stable, thanks to investments in tax credits, and in line with the targets of the “24SI” Strategic Plan. In 2021, gross revenues (including distribution revenues) decreased by 1.2% year-on-year to €5.5 billion (-16.1% compared to the fourth quarter of 2020, equal to €1.3 billion in the fourth quarter of 2021), mainly due to the proceeds from proactive management of the investment portfolio, already realised in the third quarter of 2021.
Deposits and tax credits
In 2021, the interest margin was reduced year-on-year by 3.4% to €1.5 billion (stable in the fourth quarter of 2021 and equal to €375 million), due to the impact related to the compression of yields, partially offset by higher deposits and the positive contribution from investments in tax credits. Postal savings distribution fees decreased 5.3% year-on-year in 2021 to €1.8 billion (-6.9% compared to the fourth quarter of 2020, or €441 million in the fourth quarter of 2021), in line with the targets set out in the “24SI” Strategic Plan, with a new remuneration system to support the sustainability of revenues over the period of the Plan.
Personal loans
Commissions from distribution of personal loans and mortgages increased by 15.5% in 2021, year-on-year, to €221 million (-32.5% compared to the fourth quarter of 2020, equal to €33 million in the fourth quarter of 2021), reflecting growing market demand. The annual and quarterly results were influenced by the accounting – in accordance with IFRS 9 – of higher potential prepayments relating to personal loans and salary-backed loans.
Collections and payments
Revenues from collection and payment services decreased in 2021 by 11.9%, year-on-year, to €797 million (-30.9% compared to the fourth quarter of 2020, equal to €205 million in the fourth quarter of 2021), influenced in 2020 by the effect of a positive non-operating one-off and by lower volumes of paper payment slips.
Asset Management
In 2021, asset management fees increased by 24.4% year-on-year to €120 million (+ 30.5% compared to the fourth quarter of 2020, equal to €32 million in the fourth quarter of 2021), thanks to recurring commissions and higher positive net inflows.
Technical reserves and operating result
Net technical reserves increased by €5.2 billion, benefiting from net inflows of €8.1 billion and deposits recorded an increase of €11.3 billion, supported by positive inflows relating to all categories of customers, to confirmation of a clear preference for liquidity by customers. Operating profit (EBIT) was down in 2021 and amounted to €747 million, registering a drop of -13.8% year-on-year (-28.6% compared to the fourth quarter of 2020, equal to €205 million in the fourth quarter of 2021), in line with the targets set out in the “24SI” Strategic Plan.
