UniCredit posts better than expected results after Commerzbank bid

MILAN: Italy’s second-biggest bank, UniCredit, on Thursday posted better than expected first-half earnings and slightly improved its 2026 outlook, adding it expected its investment in Commerzbank would return 15%.

UniCredit, which first invested in Commerzbank in 2024 sparking a backlash in Germany, in May launched a low-ball offer which this month handed it 48% of the German rival’s share capital.

UniCredit said net profit for the April-June period rose to €2.9 billion, ahead of a €2.8 billion average analyst forecast compiled by the bank.

It now sees its 2026 income well above €11 billion, compared with a previous guidance for a result in line or above that figure.