Commerzbank earns €2.7 billion and completes 70% of targeted buyback volume
Key Facts
Commerzbank reported a net result of €2.7 billion in the first nine months of 2026, up 41% year on year, while buying back about 70% of the programme’s targeted volume as of November 5. The bank said the programme was part of its plan to return capital to shareholders, targeting a total distribution of about €3.2 billion during fiscal 2026. The bank’s data show that the buyback began on September 4, with a value of up to €1.2 billion. The programme is scheduled to be completed no later than February 10, 2027, after which the repurchased shares will be cancelled. The announcement came as the bank reaffirmed its annual net result target despite revising its net interest income outlook.
According to the results presentation, Commerzbank’s revenue reached €9.7 billion in the first nine months, up 8% from the same period a year earlier, while operating result rose to €4.0 billion, up 17%. In the third quarter alone, revenue increased 9% to €3.199 billion compared with the same quarter of 2025. Net commission income rose 9% to €1.072 billion in the quarter. The bank said the increase in its result over the nine months reflected strong revenue as well as lower restructuring expenses recorded in the same period last year. This places the earnings improvement in the broader context of revenue growth, alongside a year-on-year comparison also affected by prior expenses.
Commerzbank reaffirmed a target for a net result of at least €3.4 billion for fiscal 2026, but lowered its net interest income outlook to about €8.5 billion from about €8.6 billion previously. The bank attributed the revision to intensifying competition for deposits. The bank links its capital return target of about €3.2 billion to achieving a targeted net profit of at least €3.4 billion. This means the announced distribution plan is proceeding alongside revised expectations for one of the bank’s core income sources. The bank did not change its stated annual net result target, according to its announcement.
Asset quality indicators showed the share of non-performing or impaired loans rising to 1.2% in the third quarter of 2026, compared with 1.1% in the second quarter and 1.0% in the third quarter of 2025. The increase coincided with revenue and operating result growth, while the quarterly and annual comparisons show a gradual rise over the two periods cited. In the stock market, EL7 data recorded CRZBY’s close at 44.56 on November 9, 2026, without specifying a currency for the price. The provided data did not verify a daily share-price gain or UniCredit’s closing price in the same session. The confirmed development in that session therefore remains CRZBY’s recorded closing price, alongside the bank’s results and capital return plan.
On UniCredit’s takeover offer, Commerzbank said the remaining regulatory approvals were expected in the fourth quarter of 2026 or by early 2027 at the latest. This timeline places the next regulatory step in the coming period, without changing the bank’s announcement of its results or stated financial targets. In parallel, the share buyback programme is proceeding on its announced schedule, with an expected completion date no later than February 10, 2027. The 2026 capital return plan also remains tied to a net result target of at least €3.4 billion. These matters bring together the delivery of shareholder returns, revised financial expectations and the wait for the remaining regulatory approvals.