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Banking that matters . MILAN , 30 JULY 2021 UniCredit UNICREDIT : 2021 & 1H21 GROUP RESULTS ROBUST COMMERCIAL PERFORMANCE AND SOLID PROFITABILITY New organisational structure¹ including dedicated management team for Italy . Simplification , clients and digital as guiding principles to underpin strategy 2021 underlying net profit² of € 1.1 billion , with 1H21 underlying ROTE³ at 7.7 per cent . 2021 revenues at € 4.4 billion , with strong fees and stable NII4 . 2021 costs at € 2.5 billion Strong liquidity and capital position , with fully loaded CET1 ratio at 15.50 per cent and fully loaded CET1 MDA buffer6 at 647 basis points7 FY21 total revenues in line with previous guidance of circa € 17.1 billion and costs confirmed at € 9.9 billion FY21 underlying Cost of Risk guidance improved to below 40 basis points , equivalent to LLPs of less than € 1.8 billion . FY21 underlying net profit now expected to be above € 3 billion On 29 July 2021 , the Board of Directors of UniCredit S.p.A. ( " UniCredit " or " the Group " ) approved the Consolidated First Half Financial Report as at 30 June 2021 . Simplification , client centricity and digitalisation are the guiding principles underpinning the new strategic plan , to be communicated at the Investor Day intended in the fourth quarter 2021. The Bank's objective will be to deliver sustainable returns above the cost of equity over the cycle , by optimising a combination of three levers : risk - adjusted revenue growth , operational efficiency and capital efficiency . In 2021 underlying net profit² reached € 1.1 billion , up 24.7 per cent quarter on quarter , and € 2.0 billion in the first half , equivalent to an underlying 1H21 RoTE³ of 7.7 per cent . The robust commercial performance , reflecting the strengths of UniCredit's franchise , led to € 4.4 billion of revenues , with fees delivering another very strong result , as economies began to slowly open up through the quarter , and NII starting to stabilise at € 2.2 billion . ¹ The new organisation will become fully operational during the second half of the year . 2 Underlying net profit is the basis for the ordinary distribution policy . Underlying net profit normalised for 2021 one - offs ( - € 68 m ) . 3 Based on underlying net profit . 4 Net contribution from hedging strategy of non - maturity deposits in 2021 at € 368.2 m , + € 4.8 m Q / Q and + € 39.2 m Y / Y . 5 Including pro - rata deduction for 1H21 accrued dividends . Not yet including extraordinary share buyback of 652m already approved by AGM and subject to ECB approval . 62021 CET1 MDA transitional buffer at 708 bps . 7 MDA buffer is relevant for regulatory purposes only versus the CET1 ratio transitional , at 708 bps ; CET1 MDA requirements at 9.03 per cent in 2021 . 8 Underlying CoR : defined as stated CoR excluding regulatory headwinds . 1 | Page 2021 and 1H21 Group Results - Press release