- Unicredit
- 09 November 2026 09:31:23
Source: Sharecast
The bank, which is in the process of taking control of German peer Commerzbank, saw net profits come in at €3.3bn in three months to September end, a 24% surge on the same period a year previously and well ahead of forecasts for €2.8bn. Return on tangible equity rose 4.4 percentage points to 25.5%.
Revenues sparked 12% to €6.9bn, following an especially strong performance in fees and net insurance, while net interest income was also higher, up 8%. Costs eased 1%.
As a result, UniCredit lifted its full-year outlook. It had previously guided towards 2026 profits of around €11.5bn before one-off charges, but now expects them to come in "well above" that figure.
As at 0900 GMT, the stock was up 6%.
Andrea Orcel, chief executive, said it was UniCredit’s best-ever quarter. He continued: "We successfully balanced commercial, industrial and technology levers, accelerating our growth, gaining targeted market share without sacrificing margins nor risk while continuing steadfast in investments in our transformation."
The Milan-based lender expects to take control of Commerzbank by the end of month, after receiving the final regulatory approvals. The European Central Bank approved the mega deal last month.
The takeover has been a lengthy process, with UniCredit first buying a stake in the business two years ago. It initially faced considerable opposition from both the lender- which is valued at €35bn - and Berlin, but the German government backed down after UniCredit secured nearly 50% of the business and launched a full takeover offer.
UniCredit said Commerzbank "adds to our compelling standalone case: strengthening our unique pan-European footprint and further adding to our best-in-class earnings per share growth and distributions per share at high ROTE". A management shake-up and the launch of the Commerzbank Unlocked - Orcel’s blueprint to boost profitability at the bank - are both slated for the first quarter of 2027.
Orcel concluded: "Our strategy is translating into consistent, measurable results. We have fundamentally transformed the way UniCredit operates, combing sustainable profitable growth with structural cost efficiency, disciplined cost allocation and a strong balance sheet."