In Q3 Financial Services revenues were down 3.9% y/y to €1.2bn (+3.0% y/y to €3.9bn in 9M-23).
In Q3 gross revenues (including distribution revenues) were down 3.1% y/y to €1.4bn (+3.9% y/y to €4.5bn in 9M-23).
In Q3 Net Interest Income was up 7.7% y/y at €566m, +21.3% y/y to €1.7bn in 9M-23 with an average return of 2.42% (1.94% in 9M-22), driven by higher interest rates and increasing retail and corporate deposits.
Postal savings’ distribution fees were down 6.6% y/y to €374m in the quarter (+0.2% y/y to €1.2bn in 9M-23) as a result of the high interest rates environment leading to increased postal bonds redemptions.
In Q3 loan and mortgage distribution fees were down 43.2% y/y to €28m (-28.4% y/y to €133m in 9M-23). Personal loans volume growth was positive, consolidating Poste Italiane’s market share, representing healthy underlying business trends. However, partners’ cost of funding affected net distribution revenues, that were down in the quarter and year-to-date.
In Q3 transaction banking fees were down 7.8% y/y to €185m (+3.4% y/y to €573m in 9M-23). The quarterly decrease resulted mainly from lower current account repricing set in April 2023 partially mitigated by other payment services.
Q3 asset management fees were up 36.9% y/y to €39m (+19.5% y/y to €107m in 9M-23),
thanks to solid net inflows and benefitting from the retail target-dated fixed income funds, recently launched.
Total Financial Assets reached €580bn in 9M-23 (up €4bn since December 2022), driven by €5.7bn positive performance effect. Net inflows were positively supported by strong performance in Insurance and newly launched fixed income funds, confirming once again Poste Italiane as a safe harbour and financial partner of choice for our customers’ savings.
Insurance Reserves were up by €5.2bn, supported by strong results in terms of net inflows (+€3.4bn) and positive performance effect, with strong insurance net flows outperforming the market.
In Q3 EBIT is down -21.3% y/y to €192m due to the different revenue mix, stable at -0.1% y/y to €648m in 9M-23.