Home » Poste Italiane, CEO Del Fante strengthens accounts in 2022. Operating profit (2.29 billion) doubled since 2017

Poste Italiane, CEO Del Fante strengthens accounts in 2022. Operating profit (2.29 billion) doubled since 2017

by admin
Poste Italiane, CEO Del Fante strengthens accounts in 2022. Operating profit (2.29 billion) doubled since 2017

The 2023 targets are on the rise

With regard to the new targets set, for 2023 the operating result is expected to be equal to 2.5 billion, starting from a “baseline” EBIT of 2022 of € 2.36 billion, with the contribution of all the business sectors that most which offsets the negative effects generated by inflation on costs and the start-up costs of Poste Energia’s business. Net income is forecast at $1.7 billion versus the FY2022 level of $1.51 billion. Dividend per share target for 2023 revised upwards to €0.71 (+9% YoY), thanks to greater capital visibility and cash flow generation across all business sectors .

Parcels down slightly, insurance services are on the rise

Going into the details of the various business lines, revenues from mail, parcels and distribution decreased by 1.2 per cent to 3.7 billion lire in FY 2022, essentially stable (with a change of plus 0.5% ) compared to the 2017 level, with the historic decline in mail successfully offset by growth in the b2c parcel segment. Total revenues from financial services amounted to 5.8 billion in FY 2022, up 3.9% year-on-year compared to 2021 and up 2.0% from 5.6 billion in 2017 «thanks to a solid increase in net interest income on a recurring basis, which benefited from the favorable interest rate environment, accompanied by a reduced relevance of proactive portfolio management”, he explains.

Net interest income grew from €1.5 billion in 2021 to €1.9 billion in 2022, up 28.6% on a basis, mainly due to interest rate dynamics. However, commissions on the distribution of postal savings weighed on the performance of the sector, which decreased in 2022 by 8.7% on an annual basis to the “floor” level of € 1.6 billion (-9.3% year on year at €400 million in the fourth quarter of 2022), due to higher net outflows. Personal and mortgage loan distribution fees for the year were also flat at €213 million, down 3.7% year-on-year (-15.9% year-over-year to €27 million in the fourth quarter of 2022). , mainly influenced by the higher financing cost of the partners.

See also  Bank of Italy: household consumption at +1.3% in 2023

Revenues from collection and payment services (bills) and those from managed savings also fell. Invested financial assets reached €562 billion at the end of the year (down by €24 billion compared to December 2021), influenced by a negative effect of the market value of assets of €23.6 billion. Savings and investment products recorded positive net flows of €7.1 billion. The operating result of the sector in 2022 was up by 18.9% year-on-year to €887 million (+16.7% year-on-year to €239 million in the fourth quarter of 2022). Revenues from insurance services amounted to 2.2 billion euros in 2022, up 15.7% year-on-year compared to 2021), a sharp increase compared to 1.5 billion in 2017.

Revenues from the Payments and Mobile segment also performed well, continuing to grow, year-on-year, by a solid 30% to €1.1 billion in 2021, with LIS (acquired last year) generating revenues in the year incremental payments of €93 million, confirming the role played by PostePay as a leader in the rapidly growing and evolving digital payments market in Italy.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy