MILAN, March 15 (Reuters) - Italy’s Poste Italiane said on Wednesday revenue rose 7.7 percent year-on-year in 2016 thanks to sound growth at its insurance business and an unexpected improvement in the performance of its mail and parcel division.
The Italian post office, which is controlled by the state, is a conglomerate that combines insurance and financial divisions together with a loss-making mail and parcel operation.
Poste said revenue came in at 33.1 billion euros, slightly above an analyst consensus of 32.8 billion euros.
Net profit rose 12.7 percent to 622 million euros, beating analyst expectations of 596 million euros.
The group will pay a dividend of 0.39 euros per share on its 2016 results, making good on a promise to return 80 percent of its earnings to shareholders. (Reporting by Francesca Landini)