Commerzbank profit nearly doubles as UniCredit nears 48%

Commerzbank said its net profit nearly doubled in the second quarter as Italian rival UniCredit continued to build its position in Germany's second-largest lender.

The Frankfurt-based bank said net profit reached 898 million euros, or $1.03 billion, in the three months to the end of June, up from 462 million euros a year earlier. First-half profit reached a record 1.8 billion euros.

Commerzbank said commission income rose, while income from interest was stable. The bank has confirmed guidance for annual earnings of at least 3.4 billion euros, up from 2.6 billion euros in 2025.

The results come as UniCredit pursues a possible hostile takeover. UniCredit now holds almost 48 percent of Commerzbank.

Commerzbank Chief Executive Officer Bettina Orlopp said the two companies were in close communication, but that minority shareholders also had to be considered.

"We've got a situation where UniCredit has a little under 50 percent and hence de facto control, we have to address that," Orlopp said during a conference call. She said other shareholders holding more than 50 percent also wanted their interests recognised.

The German government holds a 12 percent stake in Commerzbank and has opposed a takeover. Unions have also opposed the move, fearing job cuts.

Asked whether the latest earnings could be Commerzbank's last as an independent company, Orlopp said she expected to be back. She said that, once approvals are in place, UniCredit would be a controlling shareholder with de facto control, but that structural measures or delisting would not be easy.