Commerzbank lifts Q3 profit 45% to EUR 859m and says a UniCredit deal can create value

Commerzbank reported on 5 November 2026 that net profit after tax and minorities rose 45% to EUR 859 million in the third quarter, from EUR 591 million a year earlier. Over nine months, net profit climbed 41% to EUR 2.669 billion, which the bank called the best nine-month result in its history.

Chief executive Bettina Orlopp also said the bank is convinced that, together with UniCredit, it can create value by consistently using the strengths of both banks. Reuters and Handelsblatt both noted the result came in slightly below the analyst consensus of EUR 864 million.

The numbers

According to Commerzbank's press release, the operating result rose 25% in the third quarter to EUR 1.312 billion, from EUR 1.047 billion a year earlier. For the first nine months it increased 17% to EUR 4.037 billion. Revenues grew 9% to EUR 3.2 billion in the quarter and 8% to EUR 9.7 billion over nine months.

Net commission income, driven by a strong securities business, rose about 8% to EUR 3.2 billion over nine months and 9% to EUR 1.1 billion in the quarter. Net interest income edged up to EUR 6.2 billion for nine months and EUR 2.1 billion in the third quarter. The bank also pointed to much lower provisions for legal risks from foreign-currency mortgages at its Polish subsidiary mBank.

Costs stayed stable. The cost-income ratio including compulsory contributions improved to 53% after nine months, or 50% excluding them. The risk result was minus EUR 210 million in the quarter, which the bank said was in line with expectations, and the non-performing exposure ratio stood at 1.2%. The return on tangible equity rose by about four percentage points to 11.9% in the quarter and 12.4% for nine months. The CET1 ratio was 14.2%.

Part of the nine-month jump reflects a weak comparison base: Commerzbank booked restructuring charges in the prior-year period. The bank said nine-month net profit in 2025 would have been EUR 2.3 billion without them.

Outlook: core targets confirmed, interest income trimmed

Commerzbank confirmed its target of net profit of at least EUR 3.4 billion for 2026 and still expects revenues of around EUR 13.2 billion. It lowered its forecast for net interest income to around EUR 8.5 billion, from around EUR 8.6 billion, citing stronger competition for deposits. It continues to expect net commission income to grow by about 7% to around EUR 4.3 billion.

Handelsblatt reported that German banks are competing for customer deposits more intensely this year than they have in a long time, which is good for savers but raises funding costs for lenders.

Capital return

The bank started another share buyback of up to EUR 1.2 billion in early September and says it has completed about 70% of it. For the 2026 financial year it is targeting a capital return of around EUR 3.2 billion, combining buybacks and dividends, with the dividend share rising to at least 50%.

The UniCredit question

The quarter is overshadowed by UniCredit's pursuit of Commerzbank. According to the press release, the European Central Bank gave UniCredit regulatory approval on 15 October 2026 to raise its stake beyond the previous regulatory threshold. Completion of the takeover offer is still subject to further regulatory approvals, and Commerzbank expects the offer to complete in the coming months.

"We are convinced that together with UniCredit, we can create value by consistently leveraging the strengths of both banks," Orlopp said, in a quote carried by Reuters. Reuters noted that Commerzbank had resisted a takeover for months before softening its stance over the summer, weeks after UniCredit disclosed it controlled a stake of nearly 48% in the bank.

Tensions remain. Reuters reported that UniCredit chief executive Andrea Orcel does not want Orlopp to stay on as Commerzbank CEO and opposes the German government keeping two supervisory board seats. Berlin still holds a 13.3% stake, acquired in a bailout during the global financial crisis. A works council member from the DBV union wrote to members that a fair price, a plan for credible synergies and a viable integration were still missing, according to Reuters.

Handelsblatt reported that several long-standing shareholders have reduced their holdings and that some employees fear corporate clients could shift business elsewhere. Those are reported observations, not figures from the bank.

Why it matters for European founders and investors

Commerzbank is one of the most important lenders to Germany's Mittelstand, and a cross-border bank combination of this size would be one of the clearest tests yet of Europe's banking union. For founders and growth companies that rely on German corporate banking, trade finance or payments, ownership and strategy changes at a house bank can affect relationship managers, credit appetite and product roadmaps.

For investors, the results show that a bank under takeover pressure can still deliver record operating numbers, while the trimmed interest forecast is a reminder that the deposit war in Germany is squeezing margins. Compare with Intesa Sanpaolo's nine-month results and our Europe coverage.

What happens next

UniCredit still needs the remaining regulatory approvals before its offer can complete. Commerzbank will publish its full-year 2026 results next year, when investors will see whether it meets its target of at least EUR 3.4 billion in net profit.

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