In 2022 Financial Services segment revenues amounted to €4.9bn, +3.3% y/y over the previous year’s level of €4.8bn (+9.7% y/y to €1.2bn in Q4-22) with solid Net Interest Income up +28.6% y/y (+40.8% y/y in Q4-22) more than offsetting the expected lower revenues coming from postal savings distribution fees.
2022 Gross revenues (including distribution revenues) were up 3.9% y/y to €5.8bn (+9.7% y/y to €1.4bn in Q4-22), as a result of positive commercial dynamics. Net interest income up from €1.5bn in 2021 to €1.9bn in 2022, up 28.6% y/y (+40.8% y/y to €528m in Q4-22), mainly related to interest rates.
Postal savings’ distribution fees were down 8.7% y/y to floor of €1.6bn (-9.3% y/y to €400m in Q4-22) for 2022, as a result of higher net outflows. Loans and mortgages distribution fees for the year came to €213m, down 3.7% y/y (-15.9% y/y to €27m in Q4-22), mainly affected by higher partners’ cost of funding.
In 2022 transaction banking fees were down 4.2% y/y to €763m (+2.0% y/y to €209m in Q4-22), mainly related to lower traditional payment slips volumes mitigated by repricing actions. Resilient Asset management fees in 2022 at €119 million (-1.3% y/y) compared to €120m of the previous year (-10.6% y/y to €29m in Q4-22), thanks to positive net inflows and recurring commissions. Total Financial Assets reached €562bn at the end of the year (down €24bn since December 2021), impacted by €23.6bn negative market effect. Saving and investment products registered positive net flows of €7.1bn.
Net Technical Reserves decreased by €19.2bn impacted by a negative market effect mitigated by net inflows of €7.6bn, while Deposits recorded net inflows at €0.8bn supported by all categories, confirming a clear preference for liquidity by customers.
FY-22 EBIT up 18.9% y/y to €887m (up 16.7% y/y to €239m in Q4-22).
GUIDANCE – 2023 Financial Targets
Financial Services segment gross revenues are expected to reach €5.9bn vs FY-22 of €5.76bn, of which:
• Net interest income: €2.2bn vs. FY-22 of €1.91bn.
• Net Capital Gains: €0.2bn vs. FY-22 of €0.33bn.
• Postal savings’ distribution fees: €1.7bn vs. FY-22 of €1.60bn.
• Loan and mortgage distribution fees: €0.7bn vs. FY-22 of €0.76bn.
• Asset management fees: €0.2bn vs FY-22 of €0.21bn.
• EBIT: €0.8bn vs. FY-22 EBIT of €0.89bn
