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UniCredit: 2Q20 & 1H20 Group Results. A pan-European winner in a strong position to support all stakeholders


2Q20 Underlying Net Profit of €0.5 bn; FY21 target of €3 to €3.5 bn confirmed


Very strong liquidity and capital position. 2Q20 CET1 MDA buffer fully loaded at 481 bps[1], up 44 bps Q/Q, well above 200-250 bps target


FY20 Cost of Risk target confirmed at 100-120 bps with LLPs in coming quarters already factored in






On 5 August 2020, the Board of Directors of UniCredit S.p.A. ("UniCredit" or "the Group") approved the consolidated First Half Financial Report as of 30 June 2020. Thanks to effective business continuity measures, accelerated digitalisation and strict cost discipline, the Group has been able to navigate the ongoing pandemic and is prepared to seize commercial opportunities to strengthen its client base and further support all its stakeholders.


The Group saw improved commercial performance in the latter stages of the period as most of its key markets emerged from lockdown. However, overall revenues were down in comparison with both 1Q20 and 2Q19 as the majority of the period was subject to Covid-19 related restrictions. This was partially offset by lower costs in the period. UniCredit will continue its conservative management approach, taking decisive actions to support value creation, combining a long-term focus with disciplined underwriting.


Thanks to its active balance sheet management, UniCredit enjoys a strong platform from which to grow its client franchises, underpinned by its fully agreed and provisioned Team 23 strategic plan.


Jean Pierre Mustier, Chief Executive Officer of UniCredit S.p.A. :


"Thanks to the successful execution of Transform 2019, we have a strong liquidity position and very strong capital, with a CET1 MDA buffer fully loaded of 481 bps, well above our 200-250 bps target range [2]. This strength has allowed us to continue to support clients and communities across Europe during this challenging time. UniCredit is committed to being part of the solution and, throughout 2Q20, we have worked closely with governments in all of our countries to provide guaranteed loans and offer moratoria totalling over €41 bn."


"We saw the first signs of a commercial recovery at the end of 2Q20 as economies began to open up across most of our core markets."


"Today, we confirm our FY20 cost of risk at 100-120 bps and have a conservative view on LLPs in the coming quarters. We also confirm our target of €3 to €3.5 bn underlying net profit for FY21 and, as previously announced, we have committed to reinstating our Team 23 capital distribution policy [3] in 2021 for FY20 onwards, including gradually returning any excess capital to shareholders."


"Thanks to our ongoing digital transformation — a central component of our Team 23 strategy — we have quickly shifted our ways of working to reflect a new normality where remote services lead the way. I want to thank each and every one of our employees for their incredible commitment, resilience and continuing hard work during 1H. Together, we ensure UniCredit is and remains a pan-European winner."





[1]  2Q20 CET1 MDA transitional buffer 549 bps.

[2] UniCredit remains committed to gradually returning excess capital to shareholders. The MDA buffer in FY20 and FY21 is expected to remain above 300 bps which is well above the 200-250 bps target range.

[3] Subject to ECB 4Q20 final recommendation on European banks distribution.






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