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UniCredit Unlocked will deliver sustainable performance and profitable growth over the cycle, enabling us to reach a RoTE of at least 10% in 2024.
We will do so via a combination of three interacting levers: cost, capital and net revenue. Managing them together will mean we optimally balance growth, strength and profitability.
Cost efficiencies will provide €1.5 billion of gross costs savings, €400m of which from digital and data alone.
We will allocate capital more efficiently, differentiating between areas of lower and higher return, with a focus on capital-light revenues to maximise return on tangible equity.
We will continually drive to increase revenues, within our risk framework.
We believe 2024 is just the starting point. UniCredit Unlocked will pave the way for long-term financial success, which is our ultimate goal.
Slide 1
13 leading banks with unrivalled distribution power and truly diverse talent
Untapped potential, waiting to be unlocked
Connecting 15m clients across Europe 14m; 1m Corporate clients; c.2x Cross-border payments market share: intra-country
...through a unique and diverse talent base
International mindset2Outside of head office country - Group overall 57%; Leadership team 42%; Group Executive Committee 53%
Gender balance Female: Group overall 54%; Leadership team 33%; Group Executive Committee 40%
... 13 Banks3 embedded in the fabric of Europe
1 Eastern Europe #2 Central Europe #2 Italy #3 Germany Clients >500k
Slide 2
Our strategic imperatives and financial goals
Grow in our regions and develop our client franchise
Change our business model and how our people operate
Deliver economies of scale from our footprint of banks
Transform our technology leveraging Digital & Data
Embed sustainability in all that we do
RoTE of c.10% by 2024 and sustainable distribution of at least 16bn between 2021-24 via three interconnecting levers 0.5bnCost reduction, net of 0.6bn investment and 0.5bn inflation 150bps Organic capital generation, per annum 1.1bn Incremental net revenue, mostly driven by fees
Slide 3
Investing in digital, data and our people
Digital & Data 2.8bn Total IT investments1 2022-2
User experience New platform for unique and consistent experience across devices
New digital offering Digital onboarding, lending, advice
Payment value chain Simpler, faster, real-time payment management
Cyber security
Several initiatives aimed at continuously strengthening our cyber security defences
New hires 3.6k New hires 2022-24 +1.5k Business o/w +2.1k Digital & Data
Case studies
Smart banking
Germany
Advice and services available in a branch, online, via app or via voicebot
Smart invest
Croatia
Launch of simple advisory tool for effective and sustainable sales of investment product
AI-powered recruiting
Czech Republic and Slovakia
Smart recruitment chatbot which interviews, analyses and sorts candidates for first round according to suitability
High speed consumer loans
Austria
Pre-approved loans granted in under 5 minutes both within the branch and remotely
Slide 4
Strong internal ESG ambition while supporting clients in their green and social transition
Environment Our greenhouse gas emissions 60% reduction vs. 2008 Net Zero
Renewable energy 79% usage in our premises
Paperless and plastic-free
No single-use plastic items in UniCredit buildings by end 2022
Social 40m contribution to communities
Education and impact 100k young people educated 1.9m direct and indirect beneficiaries of social financing
l Governance Global policies ESG policies, statements and commitments
l Human capital policies and joint declarations
l Compliance key policies
Strong diversity and inclusion framework
46% female BoD
40% female GEC
33% female Leadership team
Environment
ESG advisory model for Corporates and Individuals
Financing innovation for environmental transition
Partnership with key players to enrich and improve ESG banking and non-banking offering (e.g. ESG rating providers)
Signatory of Net Zero banking alliance
Social
Financial support for categories at risk of exclusion (Recovery and Resilience Facility funds, training, capacity building initiatives and partnership)
Strategic projects with key partners for specific social challenges (e.g. job inclusion, social enterprises, female empowerment
Focus on financial literacy:
basic financial skills, entrepreneurial skills, basic education for vulnerable categories
150bn Environmental Lending
Incremental revenue of 0.2bn with bulk of the facilities to support clients in green transition New Production 25bn
ESG Investment Products
>40% of 2024 AuM invested in ESG products AuM conversion towards ESG investments 65bn
Sustainable Bonds
Significant contribution to the origination of sustainable bonds coming from Recovery and Resilience Facility funds DCM Origination 50bn
Social Lending
Expanding the scope of Social Lending to activities with high impact on society and disadvantaged areas New Production 10bn
Slide 5
Delivery in all areas leading to a strong financial future and robust 2024 targets
Sustainability ESG Rating A; Net Zero Banking Alliance
Solidity 12.5-13%; CET1 ratio1 c.3.5% Gross NPE ratio2
Cost efficiency c.50% Cost / Income ratio FY24 ; 4p.p. Positive operating Growth
Growth +2% ; Net revenue 2021-24 CAGR ; >15% EPS 2021-24 CAGR4
Shareholder returns ≥16bn Shareholder distribution 2021-245 ; c.65% Cumulative returned capital as % of Market Cap6
Net revenue 2021 >16bn; 2024 >17bn
Fees, % of revenue 2021 c.38% ; 2024 c.40%
Cost / Income 2021 c.56%; 2024 c.50%
Net profit 2021 >3.3bn; 2024 >4.5bn
RoTE 2021 >7.0% Organic capital generation; 2024 c.10%
CET1 2021 13.5-14%; 12.5-13%
Total ESG volumes ; 150bn cumulative 2022-24
≥16bn shareholder distribution 2021-24
Slide 6
What defines us and how we do business
Win
For our clients: delivery of best-in-class products and services
For our investors: creating long term shareholder value
For us: uniting behind a single ambition and shared principles
The Right Way
Integrity
Ownership
Care
Together
As one team and with a common purpose
As true partners to all our stakeholders