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Materials

The press release was modified from the original to correct a numerical error on page 8

Materials Archive 

 

 

 

We have started the year on an extremely strong footing with a net profit of €2.6 billion, up 24% year over year, with a resounding beat across all key lines and a RoTE of 19.5%. This was supported by a much improved environment for fees and AuM, our focus on clients and product factories resulting in excellent commercial momentum, as well as resilient net interest income. While continuing to invest we remain vigilant on costs and are reaping the benefits of previous actions taken with an industry leading cost income ratio of 36.2%. Our superior asset quality is reflected in a Cost of Risk of 10bps which will remain low thanks to our prudent approach, good coverage and overlays. UniCredit is on track to continue delivering exceptional results, and we are proud to be leading the way in the industry.

Our CET1 ratio increased even further to 16.2% already net of the €8.6 billion of 2023 distributions and €2.6 billion of distribution accrual for 2024, a testament to our superior organic capital generation which reached €3.4 billion supporting our best in class distribution.  

 

As a direct outcome of our investments in growing our diversified fee streams and strengthening our lines of defence, and the flexibility offered through our excess capital, we will continue to demonstrate sustainably high structural profitability and best in class shareholder returns across differing macro environments. We are unwavering in our focus on building for the future and delivering on our aspirations for all stakeholders.

 

Andrea Orcel, Chief Executive Officer of UniCredit S.p.A. 

Our Strategy 

UniCredit Unlocked

 

UniCredit Unlocked is our new strategic plan.

It is a plan to unlock the potential within UniCredit to move out of a period of retrenchment and restructuring into an era of purpose, growth and value creation.

This is how we will create the bank for Europe’s future - a bank that delivers for all stakeholders and is capable of unlocking the potential of people, businesses and communities across Europe and empowering them to progress.

Discover More about Unicredit Unlocked

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Updated on 16 May 2024.