3 Financial levers - Net Revenues, Cost and Capita

UniCredit Unlocked is a plan rooted in our solid foundation and is built upon capital efficiency.


Our financial ambitions are steered through 3 interconnecting levers – costs, net revenues and capital – being largely under our man­agement control.

The optimisation of our 3 key financial levers will continue to result in profitable growth and organic capital generation.

COSTS – our cost base at year-end was 9.6 bn, translating to a 47.0% cost/income ratio. This was the result of our relentless focus on managing expenses, despite the unexpected­ly high inflation we faced across our geographic footprint. This is partly thanks to early proactive measures taken. With our cost efficiency, we delivered positive operating leverage while funding investments support­ing our digital transformation, hiring over 1,400 FTEs for strategic areas and while also supporting our people through inflation relief.

NET REVENUES – our net revenues stood at 18.4bn – increase of 13% Y/Y. This KPI ensures that our growth does not come at the expense of sound risk management and that we increase our focus on capital-light business/fee business, also by leveraging our simplified partnership model (insurance fee business).

CAPITAL – Our organic capital generation of 279 basis points is well above our guidance of an annual average of around 150 basis points, and delivered via a net profit of 5.2 bn and through proactive RWA management without impacting revenue growth. Over the course of FY22 we achieved a total of 19bn of RWA reduction via active portfolio man­agement. Efficient capital allocation remains a priority focus to manage RWAs, enhancing return on capital and supporting organic capital generation.