UniCredit Group reports net profit of 2.6 billion Euro, up 23.9 percent in Q1 2024

On 6 May 2024, the Board of Directors of UniCredit Group approved the consolidated results for the first quarter of 2024. In Q1, UniCredit reached net revenues of 6.3 billion Euro, up by 10.9 per cent quarter on quarter and 7.5 per cent year on year. Net profit of 2.6 billion Euro was up 33.4 percent quarter on quarter and up 23.9 percent year on year.

Operational costs were 2.3 billion Euro, reduced by 6.9 per cent quarter on quarter and by 0.7 per cent year on year, confirming the Group’s track-record in operational efficiency through targeted cost reductions while investing in the future to drive growth.

Andrea Orcel, Chief Executive Officer of UniCredit S.p.A. said: “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.”