2023 was a record-breaking year for UniCredit and another milestone in our journey to be the bank for Europe’s future. Our aim is to deliver sustainable, profitable growth for our shareholders while investing for the future. 

€8.6 billion net profit
This is the year we grew our net profit to €8.6 billion, up 54%, while continuing to invest in the future and expensing €1.1 billion of integration costs
16.6% return on tangible equity
We delivered a record return on tangible equity of 16.6%, 5.8 percentage points higher than last year, or 20.5% with a CET1 ratio of 13% adjusting for our notable excess capital
€12 billion in capital
We generated €12 billion in capital organically this year, underpinning our proposed distribution of €8.6 billion (100% of net profit) – €3.0 billion dividends and €5.6 billion share buyback – while reinforcing our CET1 ratio by 97bps to 15.9%

UniCredit's best year ever, crowning three years of success

12th consecutive quarter of sustainable quality profitable growth across all regions, with top-tier returns exceeding expectations in 2021-23 despite macro challenges, due to relentless execution of our transformation





Net profit



Organic Capital Generation







1. All delta calculated as FY23 vs. avg FY17-19 (simple average of recast figures of Group excluding Turkey and Fineco for comparison purposes; OCG referring to period FY21-23).

Our progress so far

Creating value for our shareholders

UniCredit is united around a clear Purpose – Empowering Communities to Progress – alongside our Vision of becoming the bank for Europe’s future. We are setting a new benchmark for banking.

Under our UniCredit Unlocked strategy, we continue to focus on our transformation as we seek to unlock further value for all our stakeholders.

Read more about our progress in our PDF report

Our three financial levers

Net revenue
Our net revenues stood at €23.3 billion – an increase of 26% year on year. This was mostly driven by net interest income, up 31% year on year, with resilient fees underscoring the quality and diversification of our product factories despite the challenging macro environment. Cost of Risk remained very low at 12 basis points in FY23, confirming the robust quality of our credit portfolio and the conservativeness of our staging, provisions, and overlays.
Our cost base at year end was €9.5 billion, slightly down year on year despite high inflation across the UniCredit footprint. This was driven by our disciplined and targeted approach to efficiencies to structurally reduce our cost base while protecting revenue growth. We continue to self-finance investments that will reduce the Group’s structural long-term cost base, streamlining and simplifying our organisation and processes while continuing our hiring and investment strategy.
Our organic capital generation of 389 basis points is well above the  ambitions laid out in our UniCredit Unlocked strategy, supported by a net profit of €8.6 billion and a €24 billion risk-weighted asset (RWA) efficiencies. This success has been achieved thanks to, among other things, our proactive portfolio management – focused on capital efficiency while supporting clients.

Next steps

2024 Direction of travel

Looking to the future, 2024 is a normalization year. We should absorb most or all of the headwinds facing us by further improving the quality of our earnings, our operational and capital efficiency and risk taking, while greatly rewarding the investors willing to embark with us on the next phase of our journey.

A year of powerful transformation

Together, every change we make, every month of the year, throughout all our businesses across all our geographies, all contributes to delivering the biggest transformation in our history.

Discover our 2023 milestones
timeline with stories in bubbles

Unicredit unlocked strategy

Discover more