Since we launched this plan in December 2021, the bank has already visibly transformed and is a structurally improved bank – we have the right strategy for sustainable growth, a clear path to a stronger RoTE and the ability to meet capital distribution ambitions.
Our best results in over a decade and the eight consecutive quarters of quality growth were achieved despite the challenging macro environment of 2022 and without compromising on our risk management. We have maintained our proactive approach in identifying and addressing emerging risks, e.g. our prudent and decisive response to de-risk our Russia exposure at minimum cost as well as our proactive overlays on sectors impacted by supply chain constraints and high energy prices.
We have a financial ambition of a RoTE of around 10% by FY2024. For FY22 we deliv-ered a RoTE of 10.7% (12.3% RoTE at a 13% CET1 ratio), already above our UniCredit Unlocked target.
Throughout the year we managed to increase the profitability in all our regions to above 10% RoAC - each of them already operating above their cost of equity.