H1 figures: Institute enters talks with Unicredit with record profit

Frankfurt - German private bank Commerzbank reported a record net profit of 1.8 billion euros for the first half-year, marking a 40 percent increase, according to the company's announcement on Thursday. The bank's return on equity improved to 12.6 percent. The profit for the second quarter surged by 94 percent to 898 million euros, exceeding analyst estimates by nearly 50 million euros. The strong earnings were hampered by one-off costs of around 500 million euros related to workforce reductions in the prior quarter.

Commerzbank CEO Bettina Orlopp urged Unicredit CEO Andrea Orcel to preserve the strengths of the Frankfurt institution in potential takeover talks. "We bring strong arguments and a functioning business model to the upcoming discussions with Unicredit," she said. Meanwhile, the 56-year-old expressed a more reconciliatory tone towards her Italian counterpart, confirming her willingness for constructive dialogue.

"For a mutually beneficial and value-creating solution, we need a joint exchange involving company leadership, employee representatives, and the Federal Government as the second-largest shareholder," Orlopp concluded.