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Group Results

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For the 9th consecutive quarter UniCredit delivered excellent financial results improving its profitability and distribution run rate as we continue to unlock the intrinsic value of our franchise. We are making significant progress in the execution of our strategic plan and are in the second phase of our ongoing industrial transformation, setting a new benchmark for banking. We are reinforcing the commercial franchise and optimizing our products and services to deliver the best to our clients in the most efficient way.

Our record first quarter net profit of €2.1 billion was delivered with double digit net revenue growth supported by very strong net interest income and further cost reduction, creating positive operational leverage. We continued to generate a high amount of organic capital resulting in a best in class 16.05% CET1 ratio, already reflecting our 2022 distribution of €5.25 billion and first quarter cash dividend accrual of €0.7 billion. 

Our liquidity is solid, and our asset quality strong. The improved macro-outlook and rate environment, positive business trends and our continuing transformation and strengthened lines of defence have enabled us to increase our 2023 guidance across key metrics. We now expect net profit of over €6.5 billion and a higher shareholder distribution of at least €5.75 billion. The low Cost of Risk of 30-35 basis points for 2023, with potential tailwinds that could drive it lower, is a result of our solid credit portfolio, high coverage and significant overlays.

Thus far Europe has proven itself to be relatively resilient to exogenous shocks and periods of heightened uncertainty

At UniCredit we anticipated a difficult macroeconomic scenario and prepared ourselves with strengthened lines of defence and preemptive actions to secure our future performance. 

While we remain vigilant, we are also confident that we will, for the foreseeable future, continue to deliver consistent, high-quality profitable growth with a structurally reduced cost base and Cost of Risk.

What we are accomplishing in terms of our industrial transformation is surpassing our UniCredit Unlocked ambitions, but the journey is by no means complete and will continue to propel our financial results, shareholder distributions and the way we support our clients and communities in the coming years.


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 03 May 2023.