More record numbers for CommerzbankThe German banking group closed the first semester 2026 with a Useful Net income of €1,8 billion, the highest level ever reached in the bank's history, supported by business growth, increased commissions and disciplined cost management.
Il Operating income It stood at 2,7 billion euros, precisely 2,725 billion, an increase of 13,8% compared to 2,396 billion in the same period of 2025. In the second quarter alone, net profit reached 898 million euros, up 94,2% compared to 462 million in the same period of the previous year, while the quarterly operating profit rose to 1,367 billion euros, an increase of 16,9%.
La profitability of the group continued to improve: the net return on tangible capital (Net RoTE) rose to 12,6% in the first half of 2020, compared to 8,5% in the same period of 2025, marking a new record for the German institution. In the second quarter, the figure stood at 12,5%, compared to 5,8% in the second quarter of 2025.
Growing revenues and driving commissions: Commerz resists falling interest rates
In the first six months of the year the group recorded revenues totalling 6,518 billion euros, up 7% compared to the 6,092 billion of the first half of 2025. The result was mainly supported by the growth of commissions nice, which rose to 2,178 billion euros, an increase of 8,1% compared to 2,015 billion the previous year. The progress was particularly favored by the good performance of the securities business, financial services and customer activitiesIn the second quarter, revenues reached 3,299 billion euros, up 9,3% compared to 3,019 billion euros in the same period of 2025.
Il interest margin However, it remained substantially stable at 4,106 billion euros, compared to 4,133 billion in the first half of 2025, despite the less favorable context linked to the reduction in interest rates, especially in Poland.
The improvement in profitability was accompanied by greater efficiency: the Costs Half-yearly revenues rose by less than 2% to 3,449 billion euros, while the cost/income ratio fell to 52,9%, from 55,8% in the first half of 2025. Net of mandatory contributions, the figure remained at 50,1%.
On the capital front, Commerzbank maintains a solid position, with a CET1 at 14,4% and a ratio of impaired exposures (Npe ratio) stable at 1,1%. The risk result for the half-year was negative by 344 million euros, in line with expectations.
Corporate banking and private clients push Commerz
The group's growth was supported by its main business segments. The division Corporate Customers In the second quarter, it reported revenues of €1,232 billion, up 5%, while the average volume of loans to businesses grew 16%, reaching €123 billion compared to €106 billion the previous year. Net commissions from the sector rose to €376 million, thanks to increased activity in capital markets and financial services.
Even the segment dedicated to private customers and small businesses accelerated, with quarterly revenues of €1,260 trillion (+12%). Net interest income increased 10% to €650 million, while net commissions increased 11% to €571 million. The volume of securities held by clients reached €285 billion, up €39 billion from the previous year.
The contribution of was also positive mBank, the Polish subsidiary, which in the second quarter recorded revenues of €672 million (+15%) and an operating profit of €365 million (+22%). Operating profit increased 38% in the first half of the year, from €503 million to €694 million.
Commerzbank confirms forecasts and accelerates AI and digital efforts
After a record half-year, Commerzbank has confirmed its guidance for 2026 and the objectives of the "Momentum 2030" strategy. The bank aims to close the year with a net profit of at least €3,4 billion, total revenues of around €13,2 billion, net fee and commission growth of approximately 7%, costs of approximately €7 billion, and a net return on equity of nearly 12%.
The plan focuses on digital transformation and onartificial intelligence, considered key levers for increasing productivity and efficiency. The bank has expanded its use of tools such as Microsoft Copilot and Google Gemini and, as part of its technological modernization process, has already decommissioned approximately 10% of its IT systems.
Commerzbank prepares new shareholder buyback
The solidity of the accounts paves the way for a new share buyback program of up to 1,2 billion of euros, already approved by the European Central Bank and now awaiting approval from the German Financial Agency.
For 2026, the bank aims to return 100% of its available net profit to shareholders, after payment of coupons on Additional Tier 1 instruments and net of extraordinary items. Based on the target annual net profit of at least €3,4 billion, Commerzbank estimates a total distribution to shareholders of approximately €3,2 billion through dividends and buybacks, with a component of dividend expected to rise to at least 50%.
CEO Orlopp on UniCredit: "It can't decide alone; dialogue is needed."
The record results come at a crucial time for the future of the German bank. The story surrounding Unicredit has taken a new step forward after the green light from German regulator Bafin the possibility for the Italian group to exceed the 30% threshold of Commerzbank's capital.
After the operation, the Italian bank could reach 47,59% of the capital, while considering the derivative instruments as well, the overall economic exposure could exceed 60%. The decision on the possible acquisition of control now passes to the ECB, which will have to complete the evaluation of the operation (within 60 days).
The CEO of Commerzbank, Bettina Orlopp, recalled the need for a discussion between the parties: “Even if Unicredit should hold a majority in the next general assembly, cannot decide unilaterally on fundamental structural measures,” he explained, stressing that “this creates a clear responsibility for both parties.”
Orlopp accelerates the discussion: "It's in both our interests to move quickly."
During the conference call on the half-year results, Orlopp explained that the discussion panel between the two groups will have to acceleration"It's in both our interests to move as quickly as possible" to manage the current situation and understand "how to create value." Discussions, the manager clarified, can begin now without waiting for the ECB's final approval, working "under the assumption that the transaction will be confirmed."
The German CEO, however, recalled that "we are still competitors" and that Commerzbank has the obligation to protect the interests of all stakeholders, "especially those of our minority shareholders." A comparison, therefore, is possible but with some caveats. cautionsThe two banks will be able to discuss a "joint approach" and evaluate areas of collaboration, from the international network to certain product areas, while avoiding creating competition-related problems.
After months of confrontation and defense of the German bank's independence, the debate now seems to be shifting to industrial territory. "We must chart the path forward," Orlopp explained, speaking of the need for "professional collaboration to develop a common path” which takes into account the new shareholding structure and the legal and financial aspects.
The manager said "optimistic" on the possibility of finding common ground "step by step" on governance and business model. "We need to sit down and find a shared solution. We need to identify areas where we can already create value with a joint approach," he concluded, indicating the coming weeks and months as the crucial period for defining the future relationship between the two groups.
Last updated Thursday, August 6, 2026, at 11:45 PM
