UniCredit Earnings Rise as Commerzbank Bid Nears

UniCredit earnings rose after the bank reported record first-half and second-quarter results on July 23, 2026, prompting it to raise multi-year profit targets. The bank said this strength supports its push to secure control of Commerzbank, while warning the takeover would reduce capital and suspend buybacks.

Record Results and Upgraded Profit Targets

UniCredit described the first half of 2026 as a “step change” and its best-ever period in a July 23 earnings release and presentation. The bank reported second-quarter net profit of €2.9 billion.

Management raised 2026 net profit guidance to well above €11 billion and lifted the 2028 target to well above €13 billion. The 2028 figure excludes full consolidation of Commerzbank, but the bank said the transaction could drive double-digit percentage net profit growth from 2026 through 2028.

Commerzbank Takeover and Capital Impact

UniCredit has increased its stake in Commerzbank to about 48%, with an economic interest of 47.59% and voting rights of 49.65%. The bank said these differences reflect various ways of counting direct holdings, derivatives, and voting arrangements. CEO Andrea Orcel said UniCredit’s position allows it to exercise control once regulatory approvals are obtained, which he expects may arrive by the fourth quarter, earlier than previously anticipated. Approvals involve standard supervisory and antitrust reviews. Management is engaging with the German government and Commerzbank worker representatives as it seeks clearance.

The takeover would reduce UniCredit’s common equity tier 1 (CET1) capital ratio by 200 basis points and require canceling the planned share buyback program. Management flagged a one-off hit to second-quarter profit tied to the offer. The investment is expected to return 15%, a figure used to justify the strategic trade-offs supporting the upgraded profit trajectory despite adjustments to capital and shareholder-return plans.