Frankfurt (Germany) (AFP) – Commerzbank published sharply higher quarterly results on Thursday, as the next stages of its merger with Italian UniCredit, which has become its de facto controlling shareholder, are being prepared.

Published on: 05/11/2026 - 1:57 p.m.

From July to September, net profit increased by 45% year-on-year to 859 million euros. Over the first nine months of the year, it reached 2.7 billion euros, a historic record, highlights the Frankfurt bank in a press release.

Over the past quarter, revenues increased by 9% year-on-year to reach 3.2 billion euros, thanks to the strong increase in commissions and the increase in net interest income, while total costs remained stable at 1.68 billion euros.

The bank confirmed its annual revenue target of around 13.2 billion euros for 2026, while slightly lowering its forecast for net interest income to 8.5 billion euros, from 8.6 billion previously, due to increased competition on deposits.

Preparatory work

These results come as Commerzbank has entered a new phase in its history.

Since a surprise entry into the capital in 2024, the Italian bank UniCredit has methodically continued its rise to now hold nearly 50% of the German group following a public exchange offer launched in the spring.

The finalization of the takeover remains subject to the final regulatory authorizations, expected by early 2027.

However, the two banks have started to prepare for the next phase. “Preparatory work for consolidation has begun,” Commerzbank said in a presentation to analysts.

Long opposed to the ambitions of the Italian boss of UniCredit, Andrea Orcel, the chairman of the board of Commerzbank, Bettina Orlopp, now says she is "confident" about the capacity of the future group to generate additional profits.

Cost synergies between the two establishments are being studied, without Ms Orlopp quantifying them at this stage.

Rather, it highlighted the geographic complementarity of the two establishments: UniCredit has a strong presence in central and eastern Europe, while Commerzbank notably brings its Polish subsidiary mBank as well as a network developed in Asia, serving German exporting companies.

Berlin, Commerzbank's second largest individual shareholder with just over 13% of the capital, has insisted for months that the bank continues to play its central role in financing SMEs and the German industrial fabric.

UniCredit, which is believed to intend to cut into its target's international network, was reassuring: "We are not combining the strengths of the two banks to do less for German companies," the bank said at the end of October.

Voluntary departures

In the meantime, Commerzbank is continuing a major cost reduction program. After announcing in 2025 the elimination of 3,900 full-time equivalent positions by the end of 2027, around 3,000 additional reductions must follow by 2030, as announced in May.

According to the bank, nearly 1,800 employees have already concluded individual departure agreements. More than 1,100 others have opted for a new progressive retirement system.

At the end of September, the group employed nearly 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 reorganization of the governing bodies under the influence of UniCredit.

“My state of mind is good,” assured Ms. Orlopp on this subject, thanks to the results which place her bank “on the right trajectory”.

© 2026 AFP

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