In Q1 Financial Services revenues were up 7.9% y/y to €1.4bn.
Gross revenues (including intersegment revenues) were up 9% y/y to €1.6bn with higher contribution from insurance distribution fees and NII.
In Q1 net interest income was up 30% y/y to €546m driven by higher interest rates and increasing retail deposits; active portfolio management totalled €168 million in line with full year target for 2023.
Postal savings’ distribution fees were down 2% y/y to €425m in line with FY23 guidance.
Postal saving net outflows reached €2.3bn with a solid improvement year-on-year, thanks to revamped commercial offer successfully meeting customers’ needs.
In Q1 loan and mortgage distribution fees were down 36% y/y to €44m impacted by higher partners’ cost of funding notwithstanding higher volumes, signalling a positive commercial trend.
Transaction banking fees were up 12% y/y to €202m benefitting from repricing of current account fees set in the second half of 2022.
Fees from asset management were down 7% y/y to €29m affected by financial market performance.
Total Financial Assets reached €579.4bn in Q1-23 (up €3.4bn since December 2022), driven by €0.8bn net inflows and €2.6bn positive market effect.
Net inflows were positively supported by strong performance in Insurance, Deposits and mutual funds, confirming once again Poste Italiane as a safe harbour and financial partner of choice for our customers’ savings.
Insurance Reserves were up by €3.2bn, supported by strong quarterly results in terms of net inflows (+€2.1bn) and positive performance effect.
Deposits & Others grew by €1bn driven by Public Administration accounts.
In Q1 EBIT was up 10.8% y/y to €256m.