“Italy’s second-largest bank, which is seeking to acquire German competitor Commerzbank, saw earnings rise by 4.9% to €6.9 billion,” Unicredit said in a statement.

Profitability came in well above the consensus of Factset analysts, who had forecast a net profit of some €2.7 billion for the quarter.

Unicredit was already coming off a record year, with 2025 seeing net profit of €10.58 billion on slightly lower revenue of €24.5 billion, down 1.3%.

“These results reflect disciplined execution on all fronts – revenue growth, cost efficiency and capital strength – demonstrating that a well-managed and diversified bank can achieve excellent returns across the entire macroeconomic cycle, while investing for its future,” CEO Andrea Orcel said in a statement.

Unicredit was Tuesday to launch its hostile takeover bid for Commerzbank with the Italian entity’s shareholders having approved on Monday a capital increase for the bank which should allow it to launch an offer of some €35 billion (US$41 billion) amid fierce resistance on the German side.

Italy’s second-largest bank, which increased full-year 2026 net profit guidance to “at least €11 billion” as opposed to around 11 billion previously, is already the leading shareholder in Commerzbank with a stake of 25%.

Under German market rules, if it increases its holding above 30% it has to make other shareholders an offer to acquire their shares.

UniCredit has wooed Commerzbank shareholders with promises of higher returns by refocusing its activity on the German market to spur faster growth.