Germany's Commerzbank (CBKG.DE), nearing a possible takeover by Italy's UniCredit (CRDI.MI), said on Thursday that net profit rose 94% in the second quarter, better than analysts had expected and helped by gains in commission income.
Net profit of €898 million ($1.04 billion) in the quarter was up from a profit of €462 million a year earlier. Analysts had on average expected profit of €845 million, according to a consensus forecast published by Commerzbank.
The two-year battle for ownership of Germany's No. 2 bank by Italy's No. 2 has taken a dramatic turn in recent weeks, with UniCredit inching toward control after its €45 billion hostile takeover approach and Commerzbank officials signalling talks over a potential tie-up would soon resume.
Commerzbank CEO Bettina Orlopp said on Thursday that UniCredit, even with its big stake, couldn't "unilaterally decide on fundamental structural measures".
"This creates a clear responsibility for both sides. It requires a shared understanding of the business model and the involvement of all stakeholders," she said.
Orlopp and her management team have long been opposed to a tie-up. There have been several rounds of talks in past months, but they have all ended in disagreement.
Thursday afternoon marks an opportunity for Commerzbank and UniCredit management to exchange views in a long-scheduled investor call.
A person familiar with UniCredit's thinking said ahead of Commerzbank's results that the Italian bank was looking to see if Commerzbank shifts its focus to Germany and away from international lending and trading.
($1 = 0.8660 euros)
