Our performance over these past nine months shows that our 2022 targets and ambitions are well within reach. Now, let me take you through the highlights of what we have achieved in the nine months of this year on Slide 2. And on an adjusted basis, profit before tax would have been up by 39% to EUR1.2 billion. Pretax profit of EUR554 million grew by 15% despite transformation charges of nearly EUR600 million. Revenues have grown as broad-based business performance offsets the effect of normalizing capital markets and we saw that in the third quarter. Refocusing on core business is paying off. In all three quarters of this year, we have delivered significant year-on-year profit growth, while simultaneously keeping up the pace of transformation. And finally, the result is profitability. Risk-weighted assets are down to EUR30 billion and the unit continues to reduce costs. Our Capital Release Unit is outperforming against our 2022 goals, which we outlined at our last Investor Deep Dive. We have maintained a strong capital ratio, a strong Balance Sheet, and sound liquidity despite certain challenges such as regulatory inflation and the impact of a global pandemic.
These efforts are being recognized by our stakeholders in the third quarter, both Moody's and Fitch upgraded our credit ratings and retained our positive outlook. We promised to sell finances, and we have delivered. This is resulted in significant progress in our transformation. And we have now recognized 90% of our total anticipated transformation-related effects of almost EUR8 billion since we began this journey. These transformation charges will help drive reductions in our expenses in future quarters. We continue to be absolutely focused on cost-saving measures.Īdjusted costs, excluding transformation charges are once again down year-on-year. The first basis of this progress is our disciplined execution. We see clear evidence of progress in our businesses. And we have continued to deliver against our milestones. We are now two-thirds through our transformation journey. It's a pleasure to be discussing our third quarter 2021 results with you today.
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