Commerzbank says profit nearly doubled as UniCredit circles

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

The German 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. It said first-half profit reached a record 1.8 billion euros.

Commerzbank said commission income rose while income from interest was stable.

The results come as UniCredit pursues a possible hostile takeover. UniCredit now holds almost 48 percent of Commerzbank, while the German government holds 12 percent and has opposed a takeover. Unions have also opposed the move, fearing job cuts.

Commerzbank Chief Executive Officer Bettina Orlopp said UniCredit could not unilaterally decide on fundamental structural measures even if it holds a majority at the next annual general meeting. She said any such steps would require a shared understanding of the business model and the involvement of stakeholders.

Commerzbank confirmed its guidance for annual earnings of at least 3.4 billion euros, up from 2.6 billion euros in 2025.