UniCredit reported a record €3.3 billion net profit for the third quarter of 2026, up 24% from a year earlier, and raised its full-year forecast. The Italian bank also expects to secure the remaining approvals needed to take control of Commerzbank by the end of November.
By Adam Ujazdowski. English adaptation of the Polish article, originally published on 9 November 2026.
Revenue rises while operating costs fall
Net profit exceeded the roughly €2.8 billion forecast by analysts polled by UniCredit and was 12.2% higher than in the second quarter. Revenue rose 11.8% year on year to €6.9 billion.
Net interest income increased 8.2% to €3.83 billion, supported by a higher average Euribor benchmark rate and growth in loans and deposits. Income from fees, commissions and insurance rose 10.7% to €2.39 billion.
Operating costs fell 1.3% year on year to €2.26 billion. The cost-to-income ratio improved from 37.1% to 32.8%, while gross operating profit increased 19.6% to €4.64 billion. Loan-loss provisions, however, rose from €113 million to €210 million.
Net profit for the first nine months reached €9.38 billion, up 7.3% year on year. UniCredit now expects full-year 2026 net profit before exceptional charges to be well above €11.5 billion, having previously targeted about €11.5 billion. It plans to pay an interim dividend of €4.5 billion, or approximately €3 per share, on 25 November.
Commerzbank transaction awaits final approvals
On 15 October, the European Central Bank authorised UniCredit to exceed a 30% stake in Commerzbank. According to the tender-offer results announced in July, shares tendered, shares held directly and those covered by financial instruments together represented 47.59% of Commerzbank’s capital and 49.65% of its voting rights.
UniCredit expects to take control once the remaining approvals are obtained and the offer is settled. Commerzbank said on 5 November that regulatory decisions could arrive in the fourth quarter or, at the latest, early in 2027.
After settlement, UniCredit intends to request an extraordinary general meeting of Commerzbank shareholders to elect new supervisory board members. The Italian group aims to make leadership changes and begin a restructuring programme in the first quarter of 2027. It is also considering bringing forward a possible merger of Commerzbank with its German subsidiary HypoVereinsbank.
Sources: UniCredit’s quarterly report and announcements; Commerzbank; mBank; Reuters.
Control of Commerzbank would give UniCredit indirect control of Poland’s mBank. The German bank holds approximately 69% of mBank’s shares and voting rights.
