In Q1-24 gross revenues (including intersegment distribution revenues) were down 5.4% y/y to €1.6bn (+€56m, increasing by 4% y/y excluding Active Portfolio Management).
In Q1-24 Net Interest Income was up 8.2% y/y to €590m, supported by higher interest rates, resilient retail deposits.
Postal savings’ distribution fees were up 1.2% y/y in the quarter to €430m, in line with the strategic plan.
In Q1-24 Consumer loans’ distribution fees were up 40.6% y/y to €62m, driven by personal and salary backed loans’ volumes and higher upfront fee margins.
In the quarter, transaction banking fees were down 8.2% y/y to €186m, as a result of lower current account repricing set in April 2023 partially mitigated by other payment services’ fees.
Fees from asset management were strongly up 54.0% y/y to €45m, thanks to solid net inflows in target funds.
Total Financial Assets reached €586bn in Q1-24 (up €5bn since December 2023), driven by €2.3bn positive market effect and €2.8bn strong net inflows in Deposits, Mutual Funds and Insurance products, confirming once again Poste Italiane as a safe harbour and financial partner of choice for our customers’ savings.
In Q1-24 EBIT was down 22.5% y/y to €199m (decreasing by 13% y/y excluding APM1), impacted by higher distribution costs.
