(Alliance News) - Poste Italiane Spa reported Wednesday that it closed the first quarter with a net profit of EUR501 million from EUR540 million as of March 31, 2023.

Revenues for the period stood at EUR3.05 billion from EUR3.02 billion in Q1 2023.

Ebit as of March 31 was EUR706 million from EUR767 million in 2023.

Net financial position is negative EUR4.76 billion from EUR3.86 billion as of December 31, 2023.

Financial arrivals invested reached EUR586 billion, up EUR5 billion from December 2023, suported by net inflows of EUR2.8 billion and a positive effect on asset market values of EUR2.3 billion.

On the capital front, Bancoposta's total capital ration is 24.9 percent, the leverage ratio is 3.3 percent, and the Solvency II ratio of the Poste Vita insurance group is 313 percent.

Matteo Del Fante, CEO of Poste Italiane, commented, "It has been a very positive start to the year, with total group revenues exceeding EUR3 billion and contributions from all segments, in line with our strategy. These results demonstrate how we are implementing our plan rigorously, with a continued focus on achieving commercial results and rationalizing costs."

"Business trends were favorable in all segments, as our customers continue to see Poste Italiane as a safe haven for their savings and a place of reference for most of their daily needs. Positive net inflows in asset management and insurance products, along with stable retail deposits, are proof of this."

Poste Italiane trades in the red by 1.0 percent at EUR12.43 per share.

By Claudia Cavaliere, Alliance News reporter

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