Yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Maria Bianca Farina, approved First Quarter 2023 Financial Results (unaudited).
- Solid q1-23 financial performance, well on track to meet 2023 guidance
- Net profit at €540m in q1-23 up by a robust 9.4% y/y
- Solid q1-23 operating profit of €767m, up 11.2% y/y, with positive contributions from all businesses
- Strong q1-23 revenue growth, up 8.1% y/y to €3.0bn supported by positive commercial trends
- Visible cost base – cost discipline mitigating inflation impact
- Dividend balance of €0.44 per share to be paid on 21 june 2023 (€571m)
- Net insurance tender offer successfully completed in line with expectations
Matteo Del Fante, Poste Italiane Chief Executive Officer and General Manager commented: “First quarter results are very strong, significantly increasing visibility on 2023 guidance with a solid financial performance and profitable contributions from all businesses, while confirming cost discipline. Commercial trends have been supportive in all businesses as customers continue to see Poste Italiane as a safe haven for their savings and a majority of their daily needs. Our financial products shield our clients from market volatility throughout the economic cycle, with over 90% of customers’ TFAs protected from market turbulence.
Our B2C parcel volumes increased compared to a stable wider market, whilst mail revenues improved thanks to repricing actions and higher value-added services.
In Financial Services, favourable interest rates supported higher recurring NII, while postal savings distribution fees are on track to meet our FY 2023 guidance.
This quarter has been a busy one for Insurance Services with IFRS17 adoption. We posted strong results in a challenging market, with strong net inflows of €2.1 billion coupled with a consistently low lapse rate below 4%. We have also completed the Net Insurance tender offer to accelerate the growth of our Protection business.
Payments & Mobile recorded, yet again, double-digit growth, fully capturing the increase in cashless payments in Italy with transaction value up 18% year-on-year supported by strong e-commerce growth. The PosteEnergia offer has been very well received by our customers, reaching around 200 thousand contracts signed to date.
The strong start to the year puts us well on track to achieve our 2023 targets. Most importantly we are committed to rewarding all our stakeholders with a sustainable performance in 2023 and beyond, starting with the dividend balance of €0.44 per share to be paid on 21 June.”