Financial Services segment revenues totalled €1.2bn in the third quarter of 2022, decreasing by 3.6% compared to €1.3 billion of the previous year (+1.3% y/y to €3.7bn in 9M-22), with Net Interest Income up 34.7% y/y at €525m (+24.4% y/y to €1.4bn in 9M-22), offsetting active portfolio management.
In Q3 gross revenues (including intersegment revenues) were down 1.4% y/y to €1.4bn (+2.2% y/y to €4.3bn in 9M-22).
Postal savings’ distribution fees amounted to €400m in the third quarter of 2022, down 7.4% y/y from the previous year (-8.5% y/y to €1.2bn in 9M-22), representing the floor remuneration.
In Q3 loan and mortgage distribution fees were down 11.3% y/y to €49m (-1.7% y/y to €185m in 9M-22), primarily on higher partners’ cost of funding but with a stable market share; both the yearly and quarterly results were affected by the accounting of IFRS15.
In Q3 transaction banking fees came to €201m, increasing by 1.7% y/y compared to €197m in the third quarter of 2021 (-6.3% y/y to €554m in 9M-22). The quarterly increase resulted mainly from current account repricing more than offsetting lower payment slips.
Q3 asset management fees were down 5.2% y/y to €29m (+2.1% y/y to €90m in 9M-22), affected by financial market trends.
Total Financial Assets reached €562bn in 9M-22 (down €24bn since December 2021), impacted by €24.6bn negative market effect, mitigated by €5.9bn positive net flows on saving and investment products.
In particular, Net Technical Reserves decreased €21bn impacted by negative market effect with positive net inflows of €5.7bn, while Deposits increased by €3.1bn supported by Public Administration.
In Q3 EBIT was up +35.6% y/y to €244m (up 19.7% y/y to €649m in 9M-22), thanks to lower costs.
Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Net Technical Reserves, and Assets under Custody.
