The first quarter of 2026 confirms the growth trajectory of UniCredit, which archives the best result in its recent history and consolidates an expansion cycle now over five years long. The bank led by Andrea Orcel records numbers above expectations, further strengthening confidence in future objectives.
Record profit and profitability at the top
Net profit stood at 3.2 billion euros, up 16% on an annual basis. The result is driven by further improving profitability, with a RoTE of 26% (+2.7 percentage points) and earnings per share of 2.15 euros (+19.7%). This is the 21st consecutive quarter of profitable growth, a figure that highlights the continuity of performance.
Solid revenues and diversified model
Net revenues reached 6.7 billion euros (+3.3%), supported by a balanced mix between interest margin (3.6 billion) and commissions, together with the contribution of the insurance component (2.5 billion, +8%). This balance allows the group to absorb pressures related to rates and the macroeconomic context, reducing overall earnings volatility.
Improving operational efficiency
Operating costs drop to 2.3 billion (-1% year on year), thanks to disciplined management and process optimization, also through technology and artificial intelligence.
The cost/income ratio remains among the best in the sector at 33%, signaling high operational efficiency.
Credit quality and capital solidity
The cost of risk remains low at 17 basis points, in line with annual objectives. Asset quality remains high, with a low level of non-performing loans and solid coverage.
On the capital front, the CET1 ratio stood at 14.2%, well above internal targets, supported by strong organic capital generation.
Upward outlook and ambitions
Unicredit confirms itself to be well positioned to continue on a path of sustainable and profitable growth even in a more uncertain and complex macroeconomic context. The group can count on diversified revenue sources, disciplined execution and a resilient model capable of performing throughout the economic cycle.
In light of its results and continued progress in the transformation, the bank has increased its ambition for 2026, indicating a net profit of €11 billion or more. At the same time, it confirmed financial targets for 2028 and beyond, supported by a solid standalone trajectory and a strong ability to generate returns over time.
Orcel: “Record results and a strategy that works”
“We have recorded another set of record results across all key financial metrics,” said Andrea Orcel, CEO of UniCredit. “Net profit reached €3.2 billion, with 16% year-on-year growth and a RoTE of 26%. These results reflect disciplined execution across all levers – revenue, costs and capital – demonstrating how a well-managed and diversified bank can generate high returns throughout the macroeconomic cycle, while continuing to invest for the future, even in a more complex scenario.”
