Matteo Del Fante's first half-year at the helm of Poste Italiane recorded consolidated revenues of 18 billion euros, up 2% on the same period of the previous year. “The growth – communicates the company in a note – is mainly attributable to the insurance and asset management sector; in a market context characterized by a sharp contraction in insurance premiums, the division recorded revenues of 13,3 billion euros, an increase of 3,3%”.
The data shows that the second quarter recorded a significant growth in group turnover (+7%), offsetting the decline recorded in the first quarter of 2017, when group revenues had recorded a drop of 2%.
Ebit settled in the six months at 847 million (14% in the second quarter), a value in line with the 843 million of the first half of 2016.
The first half of 2017 closed with a net profit down by 9,7% from 565 million in the first six months of 2016 to 510 million as at 20 June 2017. The decrease, explains Poste, is due to operating provisions, "but also due to higher financial expenses mainly due to the write-down, for 82 million euros, before the tax effect, of the convertible credit subscribed in December 2014 by Poste Italiane and issued by Midco SpA, a company that holds 51% of Alitalia SAI SpA" .
Net of all extraordinary items, the net profit for the first half would amount to 624 million, with an increase of 38% compared to 451 million in 2016.
Assets under management and administration, on the other hand, increased and together reached 500 billion (493 billion at the end of December 2016). The value mainly benefited from an increase in BancoPosta's direct deposits on current accounts (+5 billion euros) and in the technical reserves of the Life insurance business.
On Piazza Affari, pending the publication of the half-year results, Poste Italiane shares closed up 0,96% at 6,285 euros.
