The results of the Financial Services Strategic Business Unit in 2023 show revenue growth supported mainly by the greater net interest income achieved and the positive contribution of the postal savings collection and management service. The BancoPosta Total Capital Ratio at 31 December 2023 stood at 22.1%.
Results and KPIs
| Financial Services (€m) | 2023 | 2022 | Changes | % |
|---|---|---|---|---|
| External revenue | 5,229 | 4,939 | +290 | +5.9% |
| Revenue from other sectors | 866 | 820 | +46 | +5.6% |
| Total revenue | 6,095 | 5,759 | +336 | +5.8% |
| Costs | 152 | 114 | +37 | +32.8% |
| Costs vs. other sectors | 5,081 | 4,757 | +323 | +6.8% |
| Total costs | 5,232 | 4,872 | +361 | +7.4% |
| EBIT | 863 | 887 | (25) | -2.8% |
| EBIT margin % | 14.2% | 15.4% | - | - |
| NET PROFIT | 647 | 622 | +25 | +4.0% |
| Operative KPIs | 2023 | 2022 | Changes | % |
|---|---|---|---|---|
| Total Financial Assets (€bn) | 581 | 576 | +5 | +0.9% |
| Net inflows (€m) | (4,087) | (550) | (3,537) | n/s |
| Performance Effect 1(€bn) | 9.0 | 3.5 | +5.5 | n/s |
| Current accounts (average deposits for the period in €bn) | 91.8 | 96.1 | (4.4) | -4.5% |
| Net return on deposits 2 | 2.44% | 1.99% | - | - |
| Postal savings (average deposits in €bn) | 312.2 | 315.5 | (3.3) | -1.0% |
| Loans (disbursed in €m) | 3,374 | 3,296 | +78.2 | +2.4% |
n/s: not significant.
1 The performance effect mainly includes the impact of macroeconomic variables (spreads, rates, etc.) on the stocks of the insurance, managed funds and assets under administration segments, as well as the capitalisation of interest for the period on the stocks of postal savings bonds/loans.
2 Excluding returns from pro-active portfolio management
Title: Market Revenues
(data in millions of euros)
Fiscal Year
| Category | 2022 (millions of euros) | 2023 (millions of euros) | Change (millions of euros) | Change % |
|---|---|---|---|---|
| Collection and payment services | 119 | 180 | +51.4% | |
| Distribution of loans and other third-party products | 213 | 206 | -3.2% | |
| Financial management | 1,680 | 1,740 | +3.6% | |
| Postal savings protection | 1,910 | 2,244 | +17.5% | |
| Retail collection | 335 | 0 | -52.9% | |
| Free float management from securities portfolios | 682 | 859 | +25.9% | |
| Total revenues | 4,939 | 5,229 | +290 | +5.9% |
| Net revenues from other sectors | 820 | 866 | +5.6% | |
| Total revenues | 5,759 | 6,095 | +5.8% |
Fourth Quarter of the Year
| Category | Q4 2022 (millions of euros) | Q4 2023 (millions of euros) | Change (millions of euros) | Change % |
|---|---|---|---|---|
| Collection and payment services | 40 | 66 | +65.0% | |
| Distribution of loans and other third-party products | 40 | 28 | -29.8% | |
| Financial management | 400 | 538 | +34.8% | |
| Postal savings protection | 588 | 569 | -3.1% | |
| Retail collection | 0 | 0 | - | |
| Free float management from securities portfolios | 126 | 170 | +34.9% | |
| Total revenues | 1,194 | 1,371 | +178 | +14.9% |
| Net revenues from other sectors | 218 | 205 | -5.9% | |
| Total revenues | 1,411 | 1,576 | +11.7% |
More transparent, capillary, best offer pricing and customer-oriented manager of Italian people’s assets.
- New service model to optimise specialist customer coverage, maximising customer value
- Proactive investment portfolio management providing flexibility in different rate scenarios
| SEGMENT | OPERATING REVIEW | PILLAR |
|---|---|---|
| POSTAL SAVINGS | In 2023, a number of offers were launched reserved for Libretto Smart holders, with special promotions dedicated to holders who bring new liquidity73 into Poste Italiane; the total volume collected through these promotions, amounting to around €8 billion, represents the best annual result ever achieved on products in the segment dedicated to this target group. Moreover, with regard to the Postal Savings Bonds segment, during the year Cassa Depositi e Prestiti made changes by increasing the rates of return on most of the products in its range. | Image
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| CURRENT ACCOUNTS | The Off-Premises Offering74 of the BancoPosta Business Link current account was launched via the Single Front End75 with the aim of consolidating its position in the market of reference and fostering the evolution of the service model of the commercial channels. | Image
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| ASSET MANAGEMENT | In February 2023, the Universo76 fund range was expanded with the launch of the Fondo BancoPosta Universo Tematico. This fund aims for growth by investing at least 50% of the capital in the shares of companies operating in so-called megatrends, i.e. those that will drive future changes and in which the largest investments will be concentrated at global level, such as, for example, ecology, technological innovation, health. As part of the “Universo line” funds, the Bancoposta Universo Start fund was launched in October: a short-term euro government bond fund that targets moderate growth in the value of the invested capital. The Fondo BancoPosta Obbligazionario Italia 6 Anni II was launched in March 2023. This is an income-distributing bond fund that invests at least 70% of its assets in Italian government bonds and bonds issued by Italian companies and deposits with Italian banks. In March 2023, the Fund Accumulation Programme was launched: a new service that can be activated on the current account, where a remuneration is paid on a sum of money tied up and earmarked for a plan of scheduled payments into Mutual Funds. In June 2023, the Fondo BancoPosta Obbligazionario a 5 Anni was launched: a flexible income-distributing bond fund that invests in government, supranational and corporate “investment grade” bonds with a minimum of 50% and Emerging Countries and non-investment grade corporate bonds with a maximum of 50%. In September, the Fondo “BancoPosta Obbligazionario 3 Anni” was launched: a bond fund that invests in investment grade bonds of government, supranational and corporate issuers. Both Funds may invest predominantly in Italian issuers. | Image
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| ASSETS UNDER ADMINISTRATION | In March 2023, Poste Italiane took part in the placement of the 19th issue of the Multi-year Treasury Bond BTP Italy, a security linked to the Italian inflation trend with the change to a 5-year duration, with inflows of around €280 million. In June 2023, Poste Italiane took part in the placement of the new BTP Valore, a security with a duration of four years and which provides for the payment of fixed coupons increasing over time and a loyalty premium on the issued capital for those who purchase the security during the placement phase and keep it until maturity. The record collection of Poste Italiane is over €800 million on the first issue of the BTP Valore. In October 2023, Poste Italiane participated in the placement of the second issue of the BTP Valore, (a five-year security) with over €700 million in funding. | Image
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73 New liquidity means all sums contributed exclusively by bank transfer, bank and bank drafts, salaries and pensions, and credited to the Libretto Smart, to current accounts and/or postal savings books bearing the same header as the Libretto Smart chosen to join the offer.
The Off-Premises Offer is aimed at Small Economic Operators (POE) and Business customers and involves sales through the presence of the salesperson at the customer’s premises and the use of automated tools for signing contracts.
74 The Off-Premises Offer is aimed at Small Economic Operators (POE) and Business customers and involves sales through the presence of the salesperson at the customer’s
premises and the use of automated tools for signing contracts.
75 The Single Front End (FEU) is Poste Italiane’s product sales platform that allows the sale of different products to be managed through a single system and render a more efficient service to customers.
76Universo funds are flexible, multi-manager funds with an ESG approach, which differ from each other in their equity component.