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Group Results

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UniCredit has delivered yet again an outstanding set of financial results. This is our seventh consecutive quarter of growth, and the best nine-month results in over a decade. We are well ahead of target, despite a prudent build up of lines of defence. UniCredit Unlocked is delivering: our industrial transformation is well underway, our results recurrently positive, and we are further improving our full year 2022 guidance. In the first nine months of the year, we reached a record net profit of €4.0 billion, excluding Russia (€3.8 billion overall), beating full year 2021, demonstrating growth, higher risk-adjusted profitability and greater capital efficiency in each and every business.

The step change in our operational excellence is the outcome of good commercial dynamics, a favourable interest rate environment, continued cost discipline, a low cost of risk, and most importantly the commitment and work of our employees, allowing us to further improve our full year 2022 guidance to a net profit exceeding €4.8 billion. This, combined with the marked enhancement in our capital efficiency allows us to also improve our full year 2022 guidance for organic capital generation to exceed 200 basis points. Our CET ratio of 15.41 per cent remains best in class and includes absorbing regulatory headwinds meeting our full 2021 distribution commitment to shareholders of €3.75 billion, and accruing €1.4 billion for the 2022 dividend. UniCredit has entered this period of macroeconomic uncertainty with a profitable business model, sound asset quality, conservative coverage, increased organic capital generation and strong capital.

We continued taking early actions to proactively enhance our existing lines of defence, reinforcing our rock-solid foundations. We are facing an uncertain future with confidence. We believe it is equally important to be socially responsible as well as financially successful. Therefore, we continue to support our clients and those communities in which we operate in these challenging times. They are who we ultimately exist to serve, and who we must have in mind throughout all of our actions. We are committed to executing our 2024 strategic plan to unlock the value of our Group. I am confident that UniCredit is well positioned to manage through whatever economic environment we face, delivering strong results and prudent capital distribution, as well as value for all our stakeholders across Europe.”

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.

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Updated on 26 October 2022.