Italian lender reported record first-half and second-quarter earnings, cancelled a €4.75 billion buyback, raised 2026 and 2028 targets, and said its 48% Commerzbank stake has become a strategic transaction.
UniCredit reported stronger-than-expected first-half results and record second-quarter and first-half earnings, raised its profit guidance and said a full acquisition of Commerzbank could come in the fourth quarter, according to CEO Andrea Orcel. The bank posted April-June net profit of €2.9 billion, above a €2.8 billion analyst forecast compiled by the bank, though CNBC reported that second-quarter net profit was down 13% year on year. UniCredit raised its full-year net profit target to more than €11 billion, said 2026 net profit should be well above €11 billion, lifted its 2028 target to well above €13 billion, and cancelled a planned €4.75 billion share buyback. It said its 48% stake in Commerzbank is expected to generate a 15% return and has evolved from an attractive financial investment into a strategic transaction of substantial industrial value creation.