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Banking that matters . MILAN , 06 MAY 2021 UniCredit UNICREDIT : 1021 GROUP RESULTS EXCELLENT FEES AND SEASONALLY LOW COST OF RISK UNDERPIN STRONG PROFITABILITY 1021 underlying net profit of € 0.9 billion¹ thanks to a rebound in revenues , low cost of risk and continued cost discipline Stated Cost of Risk² at 15 basis points in 1021 thanks to seasonality , write - backs and the anticipation of future economic impacts³ taken in 2020. FY21 underlying Cost of Risk now expected below 60 basis points4 Rock - solid balance sheet with very strong capital and liquidity position : 1021 fully loaded CET1 ratio at 15.92 per cent5 , fully loaded CET1 MDA buffer at record high 689 basis points5 FY21 revenues broadly in line with the consensus and costs expected in line with FY19 levels ; underlying net profit expected broadly in line with previous guidance On 05 May 2021 , the Board of Directors of UniCredit S.p.A. ( “ UniCredit " or " the Group " ) approved the consolidated results of the Group as at 31 March 2021 . In 1021 , the Group delivered revenues of € 4.7 billion , boosted by a rebound in trading income and record fees which together more than offset persistent net interest income headwinds . The excellent fee performance was underpinned by very strong investment fees , testament to the strength of UniCredit's distribution network . The Group's continued focus on cost efficiency and strong cost discipline resulted in significant operating leverage in 1021 , leading to the lowest cost / income ratio in more than a decade at 51.5 per cent . This was possible thanks to faster than expected FTE reductions resulting in lower HR costs year on year and better Non HR costs year on year driven by lower travel and real estate expenses . The stated cost of risk² for the Group was very low in 1021 as a result of seasonality as well as write - backs and UniCredit's anticipation of future economic impacts³ taken in 2020. The FY21 underlying cost of risk is now expected to be below 60 basis points . This guidance includes modest overlay provisions through the rest of FY21 . ¹ Underlying net profit is the basis for the ordinary distribution policy . Underlying net profit normalised for revaluation of real estate ( + € 4 m in 1Q21 ) . 2Stated CoR based on reclassified P & L and Balance sheet ( BS ) . 3 Anticipation of future economic impacts : increased overlays , proactive classification and regulatory headwinds including new Definition of Default . 4 Underlying CoR : defined as stated CoR excluding regulatory headwinds . 5 Including the deduction of the share buyback of € 179 m , but not yet including the extraordinary share buyback of € 652 m already approved by the AGM and subject to ECB approval ( provided that on 30 Sep 21 the ECB will repeal the recommendation of 15 Dec 20 ) . 6 Based on company compiled consensus published on 26 Apr 21 at https://www.unicreditgroup.eu/en/investors/equity-investors/consensus.html . 1 | Page Consolidated interim report as at 31 March 2021 - Press release