ROME (dpa-AFX) - UniCredit Group (CRIN.DE, UCG, UCG.MI), which is targeting full consolidation of Commerzbank (1CBK.MI, CBK.DE, CRZBY), reported Monday higher third-quarter profit and revenues. Further, the firm upgraded fiscal 2026 outlook and maintained profit targets ahead.
Regarding Commerzbank, the company noted that after having received European Central Bank approval to acquire control of Commerzbank, all remaining regulatory approvals are expected by late November.
Upon settlement of the offer, the Group will take control of Commerzbank, and the new governance will be in place in the first quarter of fiscal 2027.
The execution of 'Commerzbank Unlocked' and related value creation is expected to commence shortly thereafter.
In the third quarter, UniCredit's net profit climbed 24 percent to 3.261 billion euros from 2.631 billion euros last year.
Net operating profit was 4.431 billion euros, up 17.6 percent year-over-year.
Loan Loss Provisions climbed 85.3 percent to 210 million euros from 113 million euros a year ago.
Total revenues were 6.902 billion euros, up 11.8 percent from 6.173 billion euros last year, driven by core revenues.
Net interest income grew 8.2 percent from last year to 3.831 billion euros, supported by high-quality volume growth and disciplined deposit pricing.
Fees and net insurance result was 2.391 billion euros, up 10.7 percent year-over-year.
Further, the company announced higher interim dividend to €3.0034 per share, with record date of November 24 and payment date of November 25.
Looking ahead, the Group said it remains firmly on track to deliver a compelling standalone growth trajectory, with net profit ambition improved to well above €11.5 billion pre-extraordinary charges in fiscal 2026.
UniCredit previously expected fiscal 2026 net profit to be well above 11 billion euros, or circa 11.5 billion euros when excluding integration costs.
UniCredit continues to aim for a fiscal 2028 net profit well above 13 billion euros and fiscal 2030 well above 15 billion euros. The performance is expected to support around 15 percent earnings per share growth each year through 2028.
Following the full consolidation of Commerzbank, the Group expects to deliver fiscal 2028 earnings per share well above €10 and fiscal 2028 distributions per share well above €8, accretive versus standalone scenario, further stepping up in 2029 and beyond.
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