Italy's second-biggest bank, UniCredit (CRDI.MI), on Thursday posted better than expected first-half earnings and slightly improved its 2026 outlook, adding it expected its investment in Commerzbank (CBKG.DE) would return 15%.
That exceeds the return expected form on a planned €4.75 billion ($5.43 billion) share buyback, which UniCredit had put on hold pending the outcome of its Commerzbank buyout offer and has now cancelled, the lender said.
UniCredit, which first invested in Commerzbank in 2024 sparking a backlash in Germany, in May launched a low-ball offer which this month handed it 48% of the German rival's share capital.
UniCredit said net profit for the April-June period rose to €2.9 billion, ahead of a €2.8 billion average analyst forecast compiled by the bank. It now sees its 2026 income well above €11 billion, compared with a previous guidance for a result in line or above that figure.
