Poste Italiane, quarterly profit rises to 540 million (+9.4%), revenues over 3 billion – Corriere.it

Brilliant balance sheet for Poste Italiane in the first quarter of 2023. The group closed the accounts for the first quarter of 2023 with a solid financial performance, largely in line with the achievement of the guidance for the year, reads a note. Net income amounted to 540 million, an increase of 9.4% compared to the same period of the previous year. The operating result of 767 million showing a strong growth of 11.2% thanks to the positive contribution of all businesses. Solid progression for revenues up 8.1% to reach 3 billion (3,044 million), supported by positive commercial trends.

The payment of the balance of the dividend equal to 0.44 euro for 21 June 2023 (571 million). Invested financial assets reached €579 billion in the quarter, supported by net inflows of €0.8 billion and market value growth of €2.6 billion since December 2022. In the first quarter of 2023, positive net inflows of €0.5 billion were achieved in savings and investment products, thanks to positive inflows from insurance, deposits and mutual funds and the renewed postal savings commercial offer. The capital position is solid, highlighted by healthy capital ratios: BancoPosta’s total capital ratio equal to 23.7% (of which cet1 ratio equal to 20.9%), BancoPosta’s leverage ratio equal to 3.1% and the solvency ratio of the Poste Life insurance group at 267%, above management forecasts.

The first quarter results are very solid and offer significant visibility on our 2023 guidance, with solid financial performance and profitability generation across all business lines while continuing to maintain cost focus, commented Matteo Del Fante, CEO and general manager of Poste Italiane. The strong results from the start of the year position us very well to meet our 2023 targets. Most importantly, we are committed to rewarding all of our stakeholders with sustainable performance in 2023 and beyond, starting with a dividend balance of 0.44 euro per share which will be paid on 21 June, added the CEO.
Commercial trends were favorable across all lines of business. Our customers continue to see Poste Italiane as a safe haven for their savings and for most of their daily needs, concluded Del Fante.