In Q2-24 gross revenues (including intersegment distribution revenues) were up 6.8% y/y to €1.6bn (€3.1bn in H1-24, +0.3% y/y).
Q2-24 segment revenues at €1.4bn, 8.6% y/y Underlying growth (€2.7bn in H1-24, 7.0% y/y Underlying growth).
Q2-24 Net Interest Income up to €653m, +15.9% y/y (€1.2bn in H1-24, +12.1% y/y), driven by higher interest rates and our proactive portfolio management activity, representing the highest quarterly NII recorded since listing and enabling an increased visibility on future portfolio returns.
Postal savings’ distribution fees were at €415m in Q2-24 up 2.8% y/y (€844m in H1-24, +2.0% y/y), supported by a continued commercial focus.
In Q2-24 Consumer loans’ distribution fees were at €59m down 2.4% y/y (€121m in H1-24, +15.9% y/y), confirming the recovery trend.
Transaction banking fees were at €181m, broadly stable (-2.8% y/y) in the quarter (€366m in H1-24, -5.6% y/y), reflecting the same current account pricing as in Q2-23.
Fees from asset management were strongly up at a record level of €52m, 34.7% y/y (€97m in H1-24, +43.0% y/y), supported by record net inflows in the first half.
Total Financial Assets reached €589bn in H1-24, up €8bn from December 2023, as Poste Italiane continues to adapt its offer to meet evolving client needs in order to have a compelling financial proposition in all market environments.
TFAs were up supported by €4bn net inflows, of which €2.8bn Investment products, with record high net inflows of €2.6bn in Mutual Funds driven by the strong demand for our “target date” fixed income funds.
Q2-24 Adjusted EBIT at €218m, with 9.5% y/y Underlying growth (€416m in H1-24, with 2.5% y/y Underlying decrease), reflecting positive revenue trends and higher distribution network costs.
