Commerzbank third-quarter results ahead of UniCredit consolidation, Digi Mart USA News (Frankfurt, Germany): Commerzbank reported sharply higher quarterly results on Thursday, as preparations advance for the next stages of its combination with Italy’s UniCredit, which has effectively become its controlling shareholder.
From July to September, net profit rose 45% year on year to 859 million euros. For the first nine months of the year, net profit reached 2.7 billion euros, a historic record, the Frankfurt bank said in a statement.
Revenue for the quarter rose 9% year on year to 3.2 billion euros, driven by strong growth in commissions and higher net interest income. Total costs remained stable at 1.68 billion euros.
The bank confirmed its annual revenue target of about 13.2 billion euros for 2026. It slightly lowered its net interest income forecast to 8.5 billion euros from 8.6 billion euros previously, citing increased competition for deposits.
The results come as Commerzbank enters a new phase in its history. UniCredit, which made a surprise entry into the bank’s capital in 2024, has steadily increased its stake and now holds close to 50% of the German group following an exchange offer launched in the spring.
Completion of the takeover remains subject to final regulatory approvals, which are expected by early 2027.
The two banks have nonetheless begun preparing for the next phase. “Preparatory work for the consolidation has started,” Commerzbank said in a presentation to analysts.
Bettina Orlopp, Commerzbank’s chief executive, who had long opposed the ambitions of UniCredit’s chief executive, Andrea Orcel, now says she is “confident” the combined group can generate additional profits. Cost synergies between the two institutions are under study, although Orlopp has not quantified them at this stage.
Instead, she highlighted the geographic complementarity of the two banks. UniCredit has a strong presence in Central and Eastern Europe, while Commerzbank contributes its Polish subsidiary mBank as well as a well-developed network in Asia serving German exporters.
Berlin, Commerzbank’s second-largest individual shareholder with just over 13% of the capital, has for months insisted that the bank continue to play its central role in financing small and medium-sized enterprises and Germany’s industrial base.
UniCredit, which is reportedly considering cuts to the international network of its target, sought to reassure on this point. “We are not combining the strengths of the two banks to do less for German companies,” the bank said at the end of October.
Meanwhile, Commerzbank continues a major cost-reduction program. After announcing in 2025 the elimination of 3,900 full-time equivalent positions by the end of 2027, about 3,000 additional job cuts are due to follow by 2030, as announced in May.
According to the bank, nearly 1,800 employees have already signed individual departure agreements, and more than 1,100 others have opted for a new phased-retirement scheme.
At the end of September, the group employed close to 40,400 people worldwide, including just over 25,000 in Germany.
An extraordinary general meeting could be held in early 2027 and lead to a reshuffling of the governing bodies under UniCredit’s influence. “My state of mind is good,” Orlopp said on the matter, pointing to results that place her bank “on the right trajectory.”
