UniCredit Group announced its financial results for the first quarter of 2025. The company registered a net profit of 2.8 billion euros, up 8.3 percent in Q1. Total revenues stood at 6.5 billion euros in Q1 (+2.8 percent), driven by fees at 2.3 billion euros (+8.2 percent).
Operating costs stood at 2.3 billion euros in Q1, mainly driven by HR related costs due to the lower variable expenses compared to Q4, and up 0.6 percent Y/Y driven by higher Non-HR related costs, due to the effect of the broader perimeter of the Group.
Andrea Orcel, Chief Executive Officer of UniCredit S.p.A. said: “UniCredit posted an outstanding set of first quarter results beating across all KPIs and widening our positive gap vs. peers. We delivered the best quarterly results in UniCredit’s history and the 17th quarter of consecutive profitable growth. RoTE increased to a market leading 22% with excess capital reaching €10 billion. Net profit grew 8.3% to €2.8 billion. Fees increased at an impressive 8.2% year over year on commercial momentum, and more than compensated the planned decline in NII. Net revenues increased 3.2% to €6.5 billion also benefitting from exceptional trading, mostly client driven. Cost control remained best in class, leading to a market leading 35.4% cost to income ratio. Asset quality remained strong, cost of risk low and overlays unchanged. Our lines of defence were further strengthened positioning us well for a wide range of macroeconomic scenarios.
The CET1 ratio of 16.1% increased versus the prior quarter as €5.3 billion of total capital generation more than offset the impact of €2.8 billion, or 100% of net profit, accrued for 2025 distributions and Basel. We have secured a range of inorganic possibilities across our markets but we will only pursue those that improve our strong and resilient stand-alone case.
The macro environment has become more complex and uncertain. Within this context we present a positively differentiated and resilient investment case with a high degree of visibility on earnings and distribution to the benefit and confidence of our shareholders. This gives us confidence to improve both our 2025 net profit and distribution guidance as well as conviction in our 2027 ambition. We remain committed to delivering consistent high-quality performance and are focused on supporting our clients and communities especially in challenging times.”
