Commerzbank has raised profitability targets following stronger-than-expected quarterly results, aiming to bolster defenses against UniCredit's takeover approach. The German lender increased its 2026 net profit target to at least €3.4bn and set a 2030 goal of €5.9bn, as it seeks to demonstrate value and independence to shareholders.

The bank's Q1 net profit rose 9% year-on-year to €913mn, exceeding analysts' expectations. This performance was supported by record net commission income of €1.1bn and lower costs. Commerzbank also announced plans to cut 3,000 jobs by 2030, equivalent to 8% of its workforce, with restructuring costs of approximately €450mn.

UniCredit has built a roughly 30% stake in Commerzbank since 2024 and is pushing for a tie-up. The German government, which retains a 12% stake, opposes the deal. With Commerzbank shares up 50% over the past year versus UniCredit's 34% gain, any acquisition has become significantly more expensive for the Italian lender, strengthening Commerzbank's position in the takeover battle.