UniCredit Reports Q3 Profit Surge and Advances Commerzbank Takeover

UniCredit reported a 24% yearly increase in third-quarter earnings, with net profit reaching €3.3 billion and exceeding analyst forecasts of €2.8 billion. Following this growth, the Italian bank raised its 2026 profit target to well above €11.5 billion.

The bank is currently moving to take control of Commerzbank, the second-largest lender in Germany. UniCredit has secured nearly 50% of Commerzbank's voting rights through a combination of derivatives and a buyout offer. The bank expects to complete the remaining regulatory steps for the bid by the end of November.

CEO Andrea Orcel has directed Commerzbank to implement a profit-boosting blueprint called 'Commerzbank Unlocked' starting in January, with new governance expected by the first quarter of 2027. Orcel expressed readiness to call a shareholder vote to replace Commerzbank's management and appoint a new supervisory board before the annual meeting.