UniCredit stock: Profit rises 24% as Commerzbank control nears

UniCredit reported its strongest quarter on record on Monday, November 9, 2026, as net profit rose 24 percent year on year to 3.3 billion euros. The Italian bank also raised its full-year profit ambition and set out the next steps toward control of Germany's Commerzbank.

The results were published by UniCredit. Third-quarter revenue increased 12 percent to 6.9 billion euros, with core revenue accounting for 90 percent of the total. Costs fell 1 percent despite continued investment, producing a 32.8 percent cost-income ratio.

Profit growth lifts the outlook

Net profit for the first nine months reached 9.4 billion euros, up 7 percent year on year, or 16 percent after adjusting for a positive one-off recorded in the second quarter of 2025. Return on tangible equity stood at 25.5 percent in the third quarter and 24.3 percent for the nine-month period.

UniCredit raised its 2026 net profit ambition to well above 11.5 billion euros before extraordinary charges. The bank maintained its standalone ambitions of net profit above 13 billion euros in 2028 and above 15 billion euros in 2030, with return on tangible equity around 25 percent in those longer-term targets.

Chief Executive Andrea Orcel said the performance reflected growth, cost efficiency, disciplined capital allocation and a strong balance sheet. The bank said loans grew 9 percent and deposits 7 percent at the end of the quarter, while its nine-month cost of risk remained within its target range at 17 basis points.

Commerzbank remains the next test

UniCredit expects the remaining regulatory approvals for its Commerzbank plans by late November. After settlement, it intends to request an extraordinary general meeting to elect new supervisory board members. New governance and the launch of the Commerzbank Unlocked programme are expected in the first quarter of 2027, subject to approvals and the meeting timetable.

The bank said its 2026 distribution would remain unaffected by the transaction. Assuming settlement and a Commerzbank stake of around 50 percent, UniCredit expects earnings per share above 10 euros and distributions per share above 8 euros in 2028. Those figures are illustrative rather than a profit forecast, and a possible combination with HypoVereinsbank remains subject to corporate and regulatory approvals.

UniCredit also approved an interim cash dividend of 4.5 billion euros, equivalent to 3.0034 euros per share. The ex-dividend date is November 23, the record date is November 24 and payment is scheduled for November 25, 2026.

UniCredit stock traded at 83.16 euros on Lang & Schwarz at 11:05 CET on Wednesday, November 11, 2026.

The latest market reports place the bank in the broader Italian market context tracked by the FTSE MIB.

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