Commerzbank lifts third-quarter returns as UniCredit nears control of the bank

Quarterly results ahead of the takeover

Commerzbank published its third-quarter figures on Thursday, 5 November 2026, in one of its final quarterly updates as an independent lender. The Frankfurt bank reached a return on tangible equity (RoTE) of 11.9% in the quarter, a measure described as the central yardstick of a bank's profitability, and finished ahead of Deutsche Bank, which posted 10.6% in the same period. Net profit rose 45%, slightly ahead of analysts' estimates. Revenue climbed 8.9% and net interest income rose 3.5%. A year earlier the third-quarter surplus had fallen to 591 million euros because of a higher tax burden, while analysts on average had expected 864 million euros this time.

Commerzbank11.9%

Deutsche Bank10.6%

Commerzbank

11.9 %

Deutsche Bank

10.6 %

Data from the article text

Guidance and pressure on deposits

For the full year the bank reaffirmed a profit target of at least 3.4 billion euros and revenue of around 13.2 billion euros. It did, however, cut its net interest income forecast from 8.6 billion to 8.5 billion euros, citing stronger competition for deposits. Banks in Germany have been courting customer deposits since the start of 2026 with an intensity rarely seen before. Customers benefit because they receive higher interest, while banks face rising interest costs or see clients move their money to rivals. In the first half of 2026 the bank booked a record 1.8 billion euros.

Q3 2025 (reported)591

Q3 2026 (analyst average expectation)864

Q3 2025 (reported)

591 million euros

Q3 2026 (analyst average expectation)

864 million euros

Data from the article text

Chief executive Bettina Orlopp was broadly satisfied with the quarter. She said:

“The strong business performance shows what potential there is in Commerzbank.”

UniCredit's route to control

UniCredit entered Commerzbank in 2024 and currently holds just under 30%. Once a takeover offer concluded in summer 2026 is implemented, its stake is set to rise to just under 50%, which could happen by the end of the year. The European Central Bank approved the takeover in October, and the remaining official approvals are expected in the coming weeks. Orlopp resisted a takeover for almost two years, and in mid-October, in a podcast, she said the two banks should consider together what the right way forward looks like. She added:

“We are convinced that together with UniCredit we can create value by consistently using the strengths of both banks.”

What UniCredit plans next

According to financial circles, UniCredit chief Andrea Orcel intends to replace the shareholder representatives on the Commerzbank supervisory board and then Orlopp herself. His strategy, called "unlocked", includes cutting 7,000 full-time jobs in Germany and sharply thinning the bank's foreign network. Orlopp rejects these plans because she believes they would destroy value, and Orcel has shown no sign of backing away. After a fundamental restructuring, Orcel wants to merge Commerzbank with UniCredit's German subsidiary HVB in two to three years. Speculation centres on an extraordinary shareholders' meeting in late January or early February 2027. Many investors have already turned away because they believe the outlook for remaining minority shareholders has darkened.