Commerzbank reports record profit, plans buyback to fend off potential takeover by UniCredit.

From CNBC: 2025-01-31 11:51:37

Commerzbank CEO Manfred Knof predicts a “mild recession.” The bank posted a 20% increase in net profit to 2.68 billion euros in 2024, exceeding forecasts. Plans for a share buyback and dividend increase were announced, with shares closing 1.7% higher. UniCredit’s stake in Commerzbank sparks takeover speculation, met with resistance from the German government. CEO Bettina Orlopp promises increased capital return and growth initiatives. UniCredit’s bid for Banco BPM raises questions on potential takeover direction.

Read more: Commerzbank touts record profit, launches buyback as it wards off UniCredit