Commerzbank reported a 94% jump in second-quarter net profit to €898 million, beating analyst expectations and nearly doubling its result from a year earlier, as the Frankfurt-based lender opened talks with UniCredit over a possible takeover by the Italian rival.
The strong earnings extended a record run for Commerzbank. First-half operating profit rose 14% to €2.7 billion, while revenue climbed 7% to €6.5 billion. The bank confirmed its full-year net profit target of at least €3.4 billion and plans to return roughly €3.2 billion to shareholders, alongside a new €1.2 billion share buyback programme already approved by the European Central Bank.
The results land against a shifting ownership backdrop. UniCredit, whose hostile approach is valued at €45 billion, has built a 48% stake in Commerzbank. The German government retains a 12% holding dating from the 2008–2009 financial crisis bailout.