The performance of the Financial Services Strategic Business Unit in 2024 shows increased revenue mainly due to higher net interest income from the securities portfolio and an improvement in operating profit and net profit compared to last year.
BancoPosta’s Total Capital Ratio at 31 December 2024 stood at 22.6%, up from 31 December 2023.
Results and KPIs
| FINANCIAL SERVICES (€m) | 2024 | 2023 | Changes | |
|---|---|---|---|---|
| External revenue | 5,521 | 5,229 | +292 | +5.6% |
| Revenue from other sectors | 919 | 866 | +53 | +6.2% |
| Total revenue | 6,440 | 6,095 | +345 | +5.7% |
| Costs | 153 | 152 | +1 | +0.6% |
| Costs vs other sectors | 5,403 | 5,081 | +323 | +6.3% |
| Total costs | 5,556 | 5,232 | +324 | +6.2% |
| EBIT | 884 | 863 | +22 | +2.5% |
| Adjusted EBIT* | 900 | 14.2% | +38 | +4.4% |
| NET PROFIT | 674 | 647 | +26 | +4.1% |
* For the reconciliation between EBIT and adjusted EBIT, please refer to the reconciliation table in the paragraph 7.2 Other Information.
| OPERATING KPIs | 2024 | 2023 | Changes | |
|---|---|---|---|---|
| Client Total Financial Assets (€bn) | 590 | 581 | +10 | +1.7% |
| Net inflows (€bn) | 1.1 | (4,087) | +5.2 | +126.1% |
| Performance Effect1 (€bn) | 8.7 | 9,0 | (0.3) | -3.8% |
| Current accounts (average deposits for the period €bn) | 87.7 | 91.8 | (4.1) | -4.5% |
| Net return on deposits2 | 2.89% | 2.44% |
|
|
| Postal savings (average deposits €bn) | 310.8 | 312.2 | (1.4) | -0.4% |
| Loans (disbursed €m) | 3,653 | 3,743 | +279 | +8.3% |
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 interest-bearing certificates/postal savings books.
2 Excluding returns from pro-active portfolio management.
Titolo: Ricavi da mercato
(dati in milioni di euro)
Anno Fiscale
| Categoria | 2022 (milioni di euro) | 2023 (milioni di euro) | Variazione (milioni di euro) | Variazione % |
|---|---|---|---|---|
| Servizi di incasso e pagamento | 119 | 180 | +51,4% | |
| Distribuzione di finanziamenti e altri prodotti di terzi | 213 | 206 | -3,2% | |
| Gestione finanziaria | 1.680 | 1.740 | +3,6% | |
| Protezione risparmi postale | 1.910 | 2.244 | +17,5% | |
| Raccolta da retail | 335 | 0 | -52,9% | |
| Gestione free float dai portafogli titoli | 682 | 859 | +25,9% | |
| Totale ricavi | 4.939 | 5.229 | +290 | +5,9% |
| Ricavi netti da altri settori | 820 | 866 | +5,6% | |
| Totale ricavi | 5.759 | 6.095 | +5,8% |
Quarto Quarto dell'Anno
| Categoria | Q4 2022 (milioni di euro) | Q4 2023 (milioni di euro) | Variazione (milioni di euro) | Variazione % |
|---|---|---|---|---|
| Servizi di incasso e pagamento | 40 | 66 | +65,0% | |
| Distribuzione di finanziamenti e altri prodotti di terzi | 40 | 28 | -29,8% | |
| Gestione finanziaria | 400 | 538 | +34,8% | |
| Protezione risparmi postale | 588 | 569 | -3,1% | |
| Raccolta da retail | 0 | 0 | - | |
| Gestione free float dai portafogli titoli | 126 | 170 | +34,9% | |
| Totale ricavi | 1.194 | 1.371 | +178 | +14,9% |
| Ricavi netti da altri settori | 218 | 205 | -5,9% | |
| Totale ricavi | 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 |
|---|---|
| POSTAL SAVINGS | On 1 August 2024, a new Agreement was signed between Poste Italiane SpA and Cassa Depositi e Prestiti SpA for the Postal Savings collection service for the three-year period 2024-2026. For more details, see paragraph 7.2 Other information.
In April 2024, the Buono Rinnova (Rinnova Voucher) was replaced by the new 4-year Rinnova Voucher, also dedicated to customers with expired and redeemed Vouchers, which pays a gross annual yield to maturity of 2.00% in the last period of the year.
In addition, in order to improve the customer’s experience in managing savings, the possibility was introduced to partially deactivate3 supersmart offers and deposits activated on the smart passbook. |
| CURRENT ACCOUNTS | In April 2024, the “Digital 2024 Promotion” was launched, dedicated to customers who open a current account on-line by 31 July 2024 using the Promotion Code4. The account options covered by the promotion are: Start, Medium and Start Youth. In addition, from June 2024, a radio advertising campaign was launched to support current account openings and, from an omnichannel perspective, the possibility of opening the current account using promotional codes was also extended to Post Offices. As of 22 July 2024, the BancoPosta Premium Account offer has been adapted to the new Premium service model, which includes the introduction of two customer choice profiles: Top and Smart, which differ in the type of current account fees5. During the year, the enrichment of the financial services available on digital channels and relating to retail (new Poste Italiane app) and business (website and new Poste Italiane app) current accounts also continued; please refer to the section “Strengthening of digital channels” in the document for more details. |
| ASSET MANAGEMENT | During 2024, the distribution of the target-date mutual funds8 bond and the expansion of the Asset Management range with sustainable solutions including ESG (Environmental, Social and Governance) and flexible components continued. In particular, the Fondo BancoPosta Obbligazionario Italia 4 anni and the Fondo BancoPosta Obbligazionario Dicembre 2029 were launched in January 2024 and May 2024, respectively. These bond funds aim to achieve, over an investment horizon, a portfolio return in line with the average return on corporate and government bonds of a similar duration, through an investment in securities denominated in euros, mainly of Italian issuers, and to distribute an annual income.
In July 2024, the BancoPosta Universo ObbligazionarioPiù mixed bond fund was launched. |
| ASSETS UNDER ADMINISTRATION | In February 2024, Poste Italiane participated in the third issue of the BTP Valore, on placement from 26 February to 1 March 2024, dedicated exclusively to small savers (retail) with a 6-year duration and quarterly coupons set according to a series of coupon rates increasing over time (step-up). In May 2024, Poste Italiane also participated in the fourth issue of the BTP Valore, on placement from 6 to 10 May 2024, again dedicated exclusively to small savers (retail) with a 6-year duration and quarterly coupons set according to a series of coupon rates increasing over time (step-up). |
| DISTRIBUTION OF LOANS AND OTHER THIRD-PARTY PRODUCTS | During 2024, a number of commercial initiatives continued, supported by sales campaigns with the objectives of increasing the customer base of the BancoPosta Loans offer and building the loyalty of customers acquired through the “Prestito BancoPosta Consolidamento”9. “Green” promotions for the purchase of electric or hybrid vehicles and for Home Renovation were also launched during the year, as well as promotions of the Prestito BancoPosta Classico and Consolidamento. In order to increase the customer base and consolidate existing customers, promotional offers were launched for Mutuo BancoPosta and Quinto BancoPosta Pensionati e Dipendenti Pubblici products, supported by sales campaigns. For Quinto BancoPosta, as of 1 June 2024, agreements with state-owned companies are active for the subscription of Quinto BancoPosta Dipendenti Parapubblici10. With regard to business customers, in May 2024, the placement of a new short-term liquidity advance product on the basis of POS11 transactions was launched, dedicated to companies that are BancoPosta current account holders and have subscribed to the PostePay acquiring service. In addition, within the “Prestito BancoPosta Business Link Online” range, October 2024 saw the launch of the placement of a new loan reserved for corporations, called “Digital Lending” and provided by Banca CF+, which has a duration of 60 months, a variable rate and is guaranteed by the Central Guarantee Fund for SMEs. |
| OTHER ACTIVITIES | As of 1 January 2024, the provision of the service known as “Assegno di inclusione” (Inclusion Allowance)12 started. This measure replaces the guaranteed minimum income and pension, whose residual effects will also run their course in 2025. |
1 New liquidity means all sums contributed exclusively by bank transfer, payment of bank and bank drafts, credit of salaries and pensions, and credited to the Libretto Smart, to current accounts and/or postal savings books bearing the same header/co-header as the Libretto Smart chosen to join the offer.
2 As of 21 July 2024, the Supersmart Offer was renamed Supersmart Deposit in order to make the product more recognisable and easily comparable with deposit accounts offered on the market.
3 Partial deactivation is permitted for a minimum amount of €50 which can be increased by multiples of €50, provided that the remaining amount of the provision may not be less than €500 in the case of Supersmart Deposits and €1,000 in the case of Supersmart Offers.
4 The promotion, which is valid for new account holders, offers zero monthly fees for a maximum of 24 months from the month the account is opened: for the first 12 months by using the promotional code PROMODIGITAL24 when opening the current account and from the 13th month if the current account is credited with a monthly salary/ pension or a monthly incoming transfer of at least €700, or, an average monthly account balance of more than €2,500 is maintained.
5 Premium customers (i.e. with assets > €500,000) who choose the Top profile will have the zero fee Premium Option account, while Premium customers who choose the Smart profile will incur the account maintenance fees of the aforementioned list but, until June 2025, the fee will be zero.
6 The Partner installs the smart safe at the customer’s point of sale and the value of the cash acquired by the safe is credited to the customer’s bank account and made available within the next business day at the latest. The Partner then performs the service of counting, collecting and transporting the sums paid to the Poste Italiane vaults.
7 The renewal of the SIM fee is automatically charged to the Postepay Evolution prepaid card, and for unconsumed giga, a cashback discount of up to €4 per month is credited to the card.
8 They are mainly bond or balanced bond funds on specific themes. The Target Date Bond Funds aim to achieve - over a defined time horizon from the end of the Placement Period - a portfolio return in line with that offered on average by corporate and government bond financial instruments of similar duration, mainly denominated in euro, while the Balanced Bond Funds combine a portion of bond investments - equal to at least 50% of the portfolio - with a portion invested in flexible instruments and equities on particular themes such as ESG issues.
9 Prestito BancoPosta Consolidamento makes it possible to combine previously subscribed loans into a single financing solution.
10 For current employees of the semi-public companies that sign the agreement from time to time, reserved economic conditions are available for new applications or renewals of Cessione del Quinto under Presidential Decree 180/50.
11 The POS transaction advance is a service for business customers that allows them to request the opening of a credit line, whose amount is defined on the basis of the applicant’s POS transaction. The merchant can then benefit from future POS receipts, in the form of an advance, thanks to the opening of a dedicated account on which a sum is made available to the business customer. This product is provided by Igea Digital Bank and assisted by the Central Guarantee Fund for SMEs.
12 Law no. 85 of 3 July 2023 “Urgent measures for social inclusion and access to employment”.