UniCredit Unlocked - RoTE

UniCredit Unlocked outlined our vision to be the bank for Europe’s future. It set a new benchmark for the banking sector and we are confident that this is the right strategy for all our stakeholders. We continue to focus on our transformation to unlock further value from an improved baseline.


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.

UniCredit Unlocked RoTE

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.