Commerzbank Flags Higher Deposit Competition as UniCredit Takeover Nears
By Michael Hennessey
Commerzbank flagged increased deposit competition as it reported higher third-quarter earnings, and said a takeover by Italy's UniCredit could create value.
The German lender reported net profit of 859 million euros ($964.7 million) for the third quarter, up from 591 million euros a year ago. The result was slightly below analyst expectations of 864 million euros, according to a consensus compiled by the company.
Total revenue climbed 8.9% to 3.20 billion euros, below analyst expectations of 3.28 billion euros. Net interest income increased to 2.12 billion euros from 2.04 billion euros, but missed the consensus of 2.14 billion euros.
The bank backed most of its guidance for 2026, including for a net result of at least 3.4 billion euros.
However, Commerzbank slightly reduced its net interest income forecast to around 8.5 billion euros from 8.6 billion euros previously, citing higher competition for deposits.
UniCredit is nearing control of Commerzbank after securing takeover approval from the European Central Bank last month.
Commerzbank on Thursday said remaining regulatory approvals are expected during the fourth quarter or by early 2027.
Commerzbank Chief Executive Officer Bettina Orlopp said the combination can create value by leveraging the strengths of both banks.
Write to Michael Hennessey at michael.hennessey@wsj.com
(END) Dow Jones Newswires
November 05, 2026 01:43 ET (06:43 GMT)
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