UniCredit raises profit outlook after securing 48% of Commerzbank

UniCredit on Wednesday reported stronger-than-expected second-quarter earnings and raised its profit outlook for 2026 and beyond, as CEO Andrea Orcel expressed confidence in completing the takeover of Commerzbank after securing 48% of the German lender.

The Italian bank posted net profit of €2.9 billion for the April-June period, beating an average analyst forecast of €2.8 billion, bringing first-half 2026 net profit to €6.1 billion. UniCredit upgraded its full-year 2026 profit guidance to "well above" €11 billion, up from its previous target of at or above that figure, and raised its 2028 net profit ambition to "well above" €13 billion.unicreditgroup+2

Commerzbank: From Hostile to "Quite Open"

Orcel struck a conciliatory tone after months of German resistance to the deal. "I think the good news about the refusal of Commerzbank to engage is that we didn't make any concessions," he told CNBC. "We got to control potentially without making any concession, as you usually would in a transaction. So now we are quite open."Euronext

The bank said it expects all relevant authorizations to consolidate Commerzbank into its accounts as early as the fourth quarter, sooner than previously anticipated. UniCredit cancelled a planned €4.75 billion share buyback that had been on hold during the bid, arguing the Commerzbank investment would generate a 15% return, exceeding what the buyback could deliver.Euronext

Upgraded Targets and Growth Trajectory

UniCredit said the 2028 target is before full consolidation of Commerzbank, a transaction it expects to drive double-digit percentage growth in net profit for the 2026-2028 period. The bank also reiterated its longer-term ambition of net profit above €15 billion by 2030, a target first set in February under its "UniCredit Unlimited" strategic plan.Investing.com+2

The results mark UniCredit's 22nd consecutive quarter of profitable growth. Fee income growth accelerated while costs continued to decline, producing a cost-income ratio of 34% in the first half. Orcel said he wants talks with the German government and Commerzbank workers' representatives now that the bank holds a controlling stake.UniCredit S.p.A.+1

Commerzbank CEO Bettina Orlopp has said she had personally conveyed to UniCredit a willingness to open discussions, contrasting with Berlin's stance of backing the German bank's independence.Euronext