Commerzbank has entered the 2025 financial year with considerable momentum. Group earnings rose by 12 percent in the first quarter to 834 million euros, according to a statement released Friday.

Analysts, according to a consensus compiled by the bank itself, had expected a decline in earnings.

«We have achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,» said CEO Bettina Orlopp.

Commerzbank CEO Bettina Orlopp. (Image: Commerzbank)

Operating profit rose by 13 percent to a record 1,2 billion euros, the statement added. Revenues climbed by 12 percent to 3,1 billion euros. The cost-income ratio dropped to 56 percent, below the target of 57 percent for the full year. Return on equity stood at 11,1 percent.

Progress has been made in the transformation under the strategic program «Momentum.» In March, the bank completed a share buyback program worth 400 million euros. «We aim to further increase capital returns in the coming years,» Orlopp emphasized.

The CEO continues to forecast a full-year profit of around 2,4 billion euros. Excluding special charges from job cuts, the target is 2,8 billion euros.

The quarterly figures can be interpreted as a milestone in the defense against UniCredit.

A Lucrative Investment Either Way

The Italian bank, led by CEO Andrea Orcel, made a significant entry into Commerzbank during a share sale by the German Finance Ministry last autumn. The Italians now hold a 9,5 percent stake, making them the second-largest shareholder after the German government, which holds around 12 percent. Including financial instruments, Unicredit now controls approximately 28 percent of the shares.

The European Central Bank (ECB), which oversees major banks, along with the German Federal Cartel Office, has approved an increase of UniCredit’s direct stake in Commerzbank to up to 29,9 percent.

Commerzbank is resisting a takeover and is determined to maintain its independence.

For Unicredit, the investment has so far paid off handsomely. Last autumn, Commerzbank shares were trading at around 12 euros. Yesterday’s closing price was 24,30 euros.