Strong growth in quarterly results for Italian post, the jewel of the State that generates profits, thanks to the good performance of the parcel and eCommerce business, but also due to the good performance of financial services. In addition to the very solid results, the state-owned subsidiary announced the signing of a new agreement with Cassa Depositi e Prestiti, which regulates the conditions for postal savings.
The numbers for the quarter
Poste Italiane closed the first quarter with a net profit of 501 million euros, up 16% compared to the same period in 2023, the operating result (EBIT) reached 706 million euros, recording an increase of 14%.
Revenues stood at over 3 billion euros, with an increase of 6% compared to 2023. In particular, the Mail and parcels division generated revenues of 934 million, up 4.6% on an annual basis, while revenues from financial services increased to 1.3 billion, up 5% year-on-year, thanks to growth in interest margin and commissions. Revenues from insurance services rose to 397 million, up 1% thanks above all to the protection business. Revenues from Postepay services rose to 379 million, recording an increase of 17.3% thanks above all to the growth of e-commerce (+16%).
The invested financial assets of the group's clients reached 586 billion, up by 5 billion euros from December 2023, supported by net inflows of 2.8 billion and a positive effect on the market values of assets of 2. 3 billion.
Solid capital position with a total capital ratio of Bancoposta equal to 24.9% (of which CET1 ratio of 21.3%), a Leverage ratio of 3.3% and a Solvency II ratio of the Poste Vita insurance group of 313%.
CEO Del Fante's comment
“It was a very positive start to the year, with overall Group revenues exceeding 3 billion and contributions from all segments, in line with our strategy,” he commented Matteo Del FanteCEO of Poste Italiane.
“These results – he added – demonstrate how we are implementing our Plan rigorouslywith a continuous focus on achieving commercial results and rationalizing costs.”
“Commercial trends have been favorable across all sectors, as our customers continue to consider Poste Italiane as a safe haven for their savings and a go-to place for most of their daily needs. Positive net inflows in savings management and insurance products, together with stable retail deposits, are proof of this.”
The agreement on Italians' savings
Cassa Depositi e Prestiti as issuer and Poste Italiane as distributor, have approved the main terms of the new Postal Savings Agreement for the three-year period 2024-2026which includes postal savings books (books) for a total of 92 billion euros and postal interest-bearing bonds (coupons) for a total of 234 billion euros.
These are savings products that have enjoyed the trust of 27 million customers for almost 150 years and represent the main source of funding for Cassa Depositi e Prestiti, to finance projects to support the sustainable growth of territories, businesses and infrastructures .
The terms of the program for the evolution of postal savings – explain CDP and Poste – will allow us to better address, in new context macroeconomic and market, and the opportunities arising from changed interest rate scenarioand the strategic challenges of the coming years, linked to generational change and the huge expected expiry dates of the Vouchers.
Important innovations are also planned: the adaptation of the offer to the new needs of customers, in particular the younger ones; an increase in investments aimed at the continuous improvement of postal savings management services and processes from an omnichannel perspective.
As for the remuneration annual for the collection and management service of vouchers and passbooks by Poste Italiane will be between one minimum of 1.60 billion of euros and a maximum of 1.90 billion euros against agreed net collection targets. The remuneration provides, on the one hand, the usual net collection objectives on vouchers and savings books and, on the other, a mixed methodology, partly linked to up-front commissions (differentiated by year of issue and type of voucher) and partly to annual management fees (differentiated by year of issue of the Voucher), which best guarantees the sustainability of the service.
