Poste Italiane: net profit up 9.4% in Q1. CEO Del Fante: we are a safe harbour for customers
MILAN, Italy, May 05, 2023 (GLOBE NEWSWIRE) -- Poste Italiane is staying the course on growth and ended the first quarter of 2023 with a solid financial performance, broadly in line with the year's guidance. The Group's net profit amounted to €540 million, an increase of 9.4% compared to the previous year (€494 million). In the first three months of 2023, Poste achieved an operating result of €767 million, a strong growth of 11.2% year-on-year thanks to the positive contribution of all business lines. Highlights included solid revenue growth in Q1 2023, up 8.1% year-on-year to €3 billion, supported by positive business trends.
The Group, which operates in the delivery, logistics, savings, financial services and insurance sectors, highlighted the predictable cost base and "continued discipline to mitigate the impact of inflation". Matteo Del Fante, CEO and General Manager of Poste Italiane, expressed his satisfaction. "First quarter results are very strong and offer significant visibility on our guidance for 2023," the CEO stressed, "with solid financial performance and profitability generation from all business lines while continuing to maintain a focus on costs. Business trends were favourable in all business lines. Our customers continue to see Poste Italiane as a safe haven for their savings and most of their daily needs. Our financial products protect our customers from market turbulence throughout the economic cycle, with over 90% of invested financial assets protected."
Del Fante explained that "volumes in our B2C parcels segment increased in the context of a stable market, while mail revenues improved thanks to repricing actions and higher value-added services. In the Financial Services segment, the dynamics of interest rates favoured an increase in the recurring interest margin and, at the same time, postal savings distribution fees are in line with the 2023 targets". The CEO of Poste Italiane can also boast a positive balance sheet for Insurance Services: "this was a particularly strong quarter due to the effect of IFRS17. We achieved strong results in a challenging market, with positive net inflows of €2.1 billion together with a redemption rate of less than 4%". Poste Italiane also completed the takeover bid for Net Insurance. The Payments and Mobile segment once again saw double-digit growth, fully capturing the increase in cashless payments in Italy, with the value of transactions up 18% year-on-year, supported by strong growth in e-commerce. "The Poste Energia offer," CEO Del Fante commented, "has been very well received by our customers, reaching around 200,000 contracts signed to date." The General Manager of Poste also has a positive outlook for the future: "The solid results at the beginning of the year position us very well to achieve our goals for 2023. Above all, we are committed to rewarding all our stakeholders with sustainable performance in 2023 and onwards, starting with the dividend balance of €0.44 per share that will be paid on 21 June."
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