Group Results

Fees strongly grew across the board as our product factory and first line investments begin to deliver more visible results. They complemented well a resilient net interest income, far exceeding our cost of equity, to deliver high quality profitable revenue growth. Cost of risk remains low and stable and, while the macro environment is broadly stable, we are well positioned to weather any possible deterioration with sound asset quality and existing overlays. Our cost continued to decline in spite of inflation and sustained investment, as did our capital intensity, driven by the continued quality improvement of our revenues.

We have announced an interim 2024 distribution of €1.4 billion in dividends and €1.7 billion in share buy-backs as part of our total accrued distribution of €5.2 billion in the first half of the year. Despite accruing 100% of Net Profit, or 60% of our yearly distribution guidance, our best-in-class CET1 ratio increased to 16.2% year on year, on a like for like basis, thanks to our excellent organic capital generation.

These elements, together with still greater value to unlock and significant excess capital to deploy or return, make us confident that we will achieve our future ambitions. UniCredit is setting the benchmark in European banking, and we are on a clear strategic path that will allow us to grow sustainably and consistently reward our investors and people while delivering for our clients and communities."

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