UniCredit posts record EUR 3.3bn quarter and maps out Commerzbank control
Italy's second-largest bank beat forecasts, more than doubled its interim dividend and set out the next steps for taking over Germany's Commerzbank.
UniCredit reported on 9 November 2026 third-quarter net profit of EUR 3.3 billion, up 24% year on year and 12% on the previous quarter, which chief executive Andrea Orcel called the bank's best quarter ever. Reuters said the result was well above the EUR 2.8 billion average in a company-provided analyst consensus.
The bank now expects 2026 net profit before extraordinary charges well above EUR 11.5 billion, after previously guiding to around that figure. For Commerzbank, UniCredit said it expects the remaining approvals by late November, followed by settlement and control, with new governance in the first quarter of 2027.
The numbers
Revenue rose 12% to EUR 6.9 billion in the quarter, with core revenues accounting for 90% of the total, according to the results release. Fees and net insurance income grew 11% and net interest income rose 8% year on year. Costs fell 1%, pushing the cost-to-income ratio down four percentage points to 32.8%. Return on tangible equity reached 25.5% for the quarter.
Over nine months, net profit came to EUR 9.4 billion, up 7%, or 16% when a 2025 one-off gain is excluded. Loans grew 9% and deposits 7%, excluding repos. The cost of risk stayed at 17 basis points and the net non-performing exposure ratio at 1.4%. The CET1 ratio rose to 15.0%, after deducting the 2025 share buyback and accrued distributions.
A bigger payout
The board approved an interim dividend of EUR 4.5 billion, more than double last year's and equivalent to about EUR 3.00 per share, payable on 25 November. UniCredit says its EUR 8.2 billion of organic capital generation over nine months covered EUR 7.3 billion of accrued shareholder distributions.
The Commerzbank timeline
UniCredit secured European Central Bank approval in mid-October to own more than 30% of Commerzbank, Reuters noted. The Milan bank now sets out a sequence: remaining regulatory approvals by late November, settlement of the offer and control, then a request for Commerzbank to convene an extraordinary general meeting to elect new supervisory board members. New governance and the start of a programme it calls Commerzbank Unlocked are expected by the first quarter of 2027, subject to the timing of that meeting.
UniCredit also said that a combination of Commerzbank with its German unit HypoVereinsbank (HVB) could unlock substantial additional value and may come earlier than the post-2028 timing it had previously indicated, subject to corporate and regulatory approvals. It expects its CET1 ratio to be at least 13% at consolidation, before purchase price allocation effects. Handelsblatt also focused its coverage on the takeover timetable.
Commerzbank itself reported its best nine months on record last week and said a UniCredit deal can create value.
Why it matters beyond Milan and Frankfurt
If the steps land as planned, UniCredit will control the largest cross-border banking combination in the euro area in years, bringing Germany's second-largest private bank under an Italian parent. For German Mittelstand companies, Commerzbank is a core lender and trade-finance provider, so governance changes from early 2027 and any eventual HVB combination will be watched closely by corporate treasurers.
The same morning, Crédit Agricole proposed merging its Italian unit into Banco BPM, and Intesa Sanpaolo is pursuing Monte dei Paschi. Italian banks, flush with record profits, have become the most active consolidators in European finance. For founders and investors, strong bank capital and payouts are a sign of a sector with room to lend and to fund deals, even as regulators scrutinise how much capital leaves through dividends and buybacks.
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