UniCredit posts 9.4 billion euro nine-month profit and lifts 2026 target above 11.5 billion

Nine-month profit and third quarter

UniCredit reported net profit of 9.4 billion euros for the first nine months of 2026, up 7.3% on the same period a year earlier, according to Adnkronos. Earnings per share rose 10.5% over the same span, and the return on tangible equity reached 24.3%. The third quarter alone contributed 3.3 billion euros, a 24% increase on a year earlier, against the 2.7 billion euros forecast in the consensus published on the bank's website. Net interest income reached 11.1 billion euros, up 2.1%, while commissions rose 7.8% to 7.1 billion euros. Operating costs fell 1% to 6.85 billion euros, lowering the cost-to-income ratio to 33.8% for the nine months, and Common Equity Tier 1 stood at 15% after deducting a 4.75 billion euro buyback tied to 2025.

Q3 2026 actual3.3

Consensus forecast2.7

Q3 2026 actual

3.3 billion euros

Consensus forecast

2.7 billion euros

Data from the article text

Andrea Orcel, the chief executive, framed the quarter in comparative terms.

“UniCredit has achieved its best quarter ever, and the best in the sector, exceeding expectations on all KPIs.”

Raised targets and dividend

The bank now expects 2026 net profit well above 11.5 billion euros before extraordinary items, up from its earlier guidance of well above 11 billion euros. Its standalone targets are above 13 billion euros in 2028 and above 15 billion euros in 2030. The board approved an interim dividend of 4.51 billion euros, more than double the previous amount, equal to 3.0034 euros per share and payable on 25 November 2026. Orcel tied the results to the first phase of the group's Unlimited strategy.

“Our strategy is translating into consistent and measurable results.”

Commerzbank takeover push

UniCredit has received approval from the European Central Bank to raise its stake in Commerzbank above 30%, with potential to go up to 100%, according to Polish outlet pb.pl. The remaining regulatory procedures are expected to conclude by the end of November, followed by settlement of the offer and control. Orcel plans sweeping governance changes at Commerzbank, including replacing a large part of the supervisory board and management, and job cuts and a smaller foreign branch network are also under consideration. Commerzbank chief executive Bettina Orlopp has taken a more conciliatory stance, pointing to possible cooperation on purchasing, international business and shared product platforms. UniCredit says a combination with its German subsidiary HypoVereinsbank (HVB) would unlock further value, potentially sooner than planned. German authorities, which hold about 13% of Commerzbank shares, oppose the takeover.