In Q2 Financial Services segment revenues were up 4.8% y/y to €1.3bn (+6.4% y/y to €2.7bn in H1-23). In Q2 gross revenues (including distribution revenues) were up 5.4% y/y to €1.5bn (+7.4% y/y to €3.1bn in H1-23), benefitting from higher insurance distribution fees. In Q2 Net interest income was up 29.1% y/y at €564m, +29.5% y/y to €1.1bn in H1-23 with an average return of 2.38% (was 1.81% in H1-22), driven by higher interest rates and increasing retail deposits. Postal savings’ distribution fees were up 10.1% y/y to €403m (+3.5% y/y to €828m inH1-23), comparing to a floor remuneration in Q2-22, thanks to the revamped commercial offer successfully meeting customer needs.
In Q2 loan and mortgage distribution fees were down 9.7% y/y to €60m (-23.0% y/y to €105m in H1-23), bottoming as a result of higher partners’ cost of funding reaching peak levels, partly mitigated by volumes’ growth, representing a positive trend in commercial activity. In Q2 transaction banking fees came to €186m, increasing by 7.6% y/y compared to €173m in the second quarter of 2022 (+9.8% y/y to €388m in H1-23). The quarterly increase resulted mainly from current account repricing and other payment services more than offsetting lower payment slips. Q2 asset management fees were up 30,7% y/y to €39m (+11,3% y/y to €68m in H1-23), thanks to solid net inflows from target maturity fixed income funds. Total Financial Assets reached €580bn in H1-23 (up €4bn since December 2022), driven by €4.5bn positive market effect. Strong net inflows achieved in Insurance, Deposits & Other and mutual funds, confirming once again Poste Italiane as a safe harbour and financial partner of choice for our customers’ savings. In Q2 EBIT is up 15.4% y/y to €200m (up 12.8% y/y to €456m in H1-23).
