In Q4-23 Financial Services segment revenues were up 14.9% y/y to €1.4bn (€5.2bn in FY-23, +5.9% y/y) driven by a strong performance in Postal Savings in Q4-23 and higher NII, with an average return of 2.44% (1.99% in FY-22).
In Q4-23 gross revenues (including intersegment revenues) were up 11.7% y/y to €1.6bn (€6.1bn in FY-23, +5.8% y/y).
In Q4-23 Net Interest Income was up 7.7% y/y at €569m (€2.2bn in FY-23, +17.5% y/y), supported by higher interest rates and increasing retail deposits (including Postepay), +3.0% y/y to €54bn.
Postal savings’ distribution fees were up 34.5% y/y in the quarter to €538m (€1.7bn in FY-23, +8.7% y/y), thanks to a strong commercial performance in Q4-23.
In Q4-23 Consumer loans distribution fees were up 72.8% y/y to €47m (€180m in FY-23, -15.4% y/y to), driven by personal loans in a normalizing interest rate environment.
In the quarter, transaction banking fees were down 8.8% y/y to €190m (€764m in FY-23, +0.1% y/y), as a result of lower current account repricing set in April 2023 partially mitigated by other payment services’ fees.
Q4-23 asset management fees were up 26.6% y/y to €37m (€144m in FY-23, +21.2% y/y), thanks to solid net inflows from target maturity fixed income funds.
Total Financial Assets reached €581bn in FY-23 (up €5bn since December 2022), driven by €9.0bn positive market effect. Net inflows’ 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 €6.4bn, supported by strong results in terms of net inflows (+€3.4bn) and positive performance effect, with strong insurance net flows outperforming the market.
In Q4 EBIT was down 10.2% y/y to €214m (€863m in FY-23, down 2.8% y/y), due to the non-proportional allocation of distribution costs.