Latest news with #BettinaOrlopp
Reuters
2 days ago
- Business
- Reuters
Commerzbank CEO criticizes UniCredit for trying to talk down share price
FRANKFURT, June 12 (Reuters) - Commerzbank ( opens new tab CEO Bettina Orlopp on Thursday criticized the Italian bank UniCredit ( opens new tab for talking down the share price of the German lender by saying its shares had risen excessively. The outspoken comments by Commerzbank's CEO come a day after Andrea Orcel, the CEO of UniCredit, called Commerzbank's share price not reflective of fundamentals. "We do not like and we do not accept any approach which basically undermines our strategy and our share price development," Orlopp said at a conference. UniCredit has acquired a large stake in the German lender and has been pushing for a takeover, despite resistance from Commerzbank management and the government. Orlopp said that Commerzbank's share price, which has more than doubled since UniCredit bought in, is fair and condemned the attempt to "talk our share price down just because there might be also some other interests in play".
Yahoo
15-05-2025
- Business
- Yahoo
Commerzbank reports profit surge as it fends off UniCredit bid
Germany's Commerzbank posted better-than-expected results for the first three months of 2025. Instead of the anticipated declining net income, the bank's net result increased by 12% to €834 million. The lender's revenues increased by 12% to €3.1 billion, while net interest income was slightly less than a year ago, standing at €2.07bn at the end of the first quarter of 2025. Meanwhile, the net commission income, driven by a strong securities business, grew by 6% to €1bn in the same period. 'We achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,' Commerzbank CEO Bettina Orlopp said. 'We are progressing with the implementation of our strategy 'Momentum'. We plan to return more capital to our shareholders in the coming years.' Commerzbank completed a share buyback programme of €1bn starting from November 2024, and it also proposes to pay a dividend of €0.65 per share, which will be decided at the Annual General Meeting on 15 May 2025. The better-than-expected results are coming at a time when the German bank is making efforts to fend off Italian banking group Unicredit's takeover advances. Related Commerzbank to cut jobs and boost profits in bid to fend off UniCredit Italy's UniCredit beats profit estimate as it continues takeover drive Unicredit has recently acquired a large stake in Commerzbank, raising its stake to 29.9%, just short of the 30% threshold at which Unicredit is required to make a public offer for the entire bank. In February, Commerzbank announced cost-cutting measures, including job cuts of about 10% of the bank's workforce, to fend off any takeover bid by the Italian bank. The German lender's employee representatives are also organising a protest against a possible takeover, scheduled just hours before Commerzbank's annual general meeting on 15 May. The German bank said that this year it expects a higher net result of around €2.4bn for the full year, after restructuring expenses. The bank set aside €40m for restructuring expenses in the first quarter, for an early partial retirement programme, which the bank will offer later this year. It is part of the job reductions, the lender is currently negotiating with the employee representative committees. Furthermore, to preserve profitability, Commerzbank reduces its dependence on net interest income –the difference between what it earns from loans and pays for deposits–as interest rates fall. The return on tangible equity improved to 11.1% from last year's 10.5% in the first quarter, which is seasonally strong. 'We are on track to reach our full-year target of around 9.6%,' Commerzbank CFO Carsten Schmitt said. 'At the same time, we are reducing our dependency on net interest income. We confirm our outlook for 2025.'
Yahoo
13-05-2025
- Business
- Yahoo
Commerzbank reports profit surge as it fends off UniCredit bid
Germany's Commerzbank posted better-than-expected results for the first three months of 2025. Instead of the anticipated declining net income, the bank's net result increased by 12% to €834 million. The lender's revenues increased by 12% to €3.1 billion, while net interest income was slightly less than a year ago, standing at €2.07bn at the end of the first quarter of 2025. Meanwhile, the net commission income, driven by a strong securities business, grew by 6% to €1bn in the same period. 'We achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,' Commerzbank CEO Bettina Orlopp said. 'We are progressing with the implementation of our strategy 'Momentum'. We plan to return more capital to our shareholders in the coming years.' Commerzbank completed a share buyback programme of €1bn starting from November 2024, and it also proposes to pay a dividend of €0.65 per share, which will be decided at the Annual General Meeting on 15 May 2025. The better-than-expected results are coming at a time when the German bank is making efforts to fend off Italian banking group Unicredit's takeover advances. Related Commerzbank to cut jobs and boost profits in bid to fend off UniCredit Italy's UniCredit beats profit estimate as it continues takeover drive Unicredit has recently acquired a large stake in Commerzbank, raising its stake to 29.9%, just short of the 30% threshold at which Unicredit is required to make a public offer for the entire bank. In February, Commerzbank announced cost-cutting measures, including job cuts of about 10% of the bank's workforce, to fend off any takeover bid by the Italian bank. The German lender's employee representatives are also organising a protest against a possible takeover, scheduled just hours before Commerzbank's annual general meeting on 15 May. The German bank said that this year it expects a higher net result of around €2.4bn for the full year, after restructuring expenses. The bank set aside €40m for restructuring expenses in the first quarter, for an early partial retirement programme, which the bank will offer later this year. It is part of the job reductions, the lender is currently negotiating with the employee representative committees. Furthermore, to preserve profitability, Commerzbank reduces its dependence on net interest income –the difference between what it earns from loans and pays for deposits–as interest rates fall. The return on tangible equity improved to 11.1% from last year's 10.5% in the first quarter, which is seasonally strong. 'We are on track to reach our full-year target of around 9.6%,' Commerzbank CFO Carsten Schmitt said. 'At the same time, we are reducing our dependency on net interest income. We confirm our outlook for 2025.' Sign in to access your portfolio
Reuters
13-05-2025
- Business
- Reuters
Commerzbank's priority is quick execution of standalone strategy, CEO says
FRANKFURT, May 13 (Reuters) - Commerzbank's ( opens new tab priority is the execution of its own strategy and that markets can see what the lender can achieve as a standalone company, CEO Bettina Orlopp plans to tell shareholders at an annual meeting this week. The prepared remarks, published by Commerzbank on Tuesday for delivery on Thursday, come as the German bank fends off a possible takeover by Italy's UniCredit ( opens new tab. Last week, Commerzbank beat expectations with its earnings report for the first quarter despite strong headwinds for the German economy. "The capital market now knows that we have a convincing plan to create value - and what we can achieve as an independent bank," Orlopp said. She added that the bank is "always prepared to look at alternative options with an open mind" but that the priority was the swift implementation of its own strategy. The stance is in line with her recent comments.
Yahoo
09-05-2025
- Business
- Yahoo
Commerzbank reports profit surge as it fends off UniCredit bid
Germany's Commerzbank posted better-than-expected results for the first three months of 2025. Instead of the anticipated declining net income, the bank's net result increased by 12% to €834 million. The lender's revenues increased by 12% to €3.1 billion, while net interest income was slightly less than a year ago, standing at €2.07bn at the end of the first quarter of 2025. Meanwhile, the net commission income, driven by a strong securities business, grew by 6% to €1bn in the same period. 'We achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,' Commerzbank CEO Bettina Orlopp said. 'We are progressing with the implementation of our strategy 'Momentum'. We plan to return more capital to our shareholders in the coming years.' Commerzbank completed a share buyback programme of €1bn starting from November 2024, and it also proposes to pay a dividend of €0.65 per share, which will be decided at the Annual General Meeting on 15 May 2025. The better-than-expected results are coming at a time when the German bank is making efforts to fend off Italian banking group Unicredit's takeover advances. Related Commerzbank to cut jobs and boost profits in bid to fend off UniCredit Italy's UniCredit beats profit estimate as it continues takeover drive Unicredit has recently acquired a large stake in Commerzbank, raising its stake to 29.9%, just short of the 30% threshold at which Unicredit is required to make a public offer for the entire bank. In February, Commerzbank announced cost-cutting measures, including job cuts of about 10% of the bank's workforce, to fend off any takeover bid by the Italian bank. The German lender's employee representatives are also organising a protest against a possible takeover, scheduled just hours before Commerzbank's annual general meeting on 15 May. The German bank said that this year it expects a higher net result of around €2.4bn for the full year, after restructuring expenses. The bank set aside €40m for restructuring expenses in the first quarter, for an early partial retirement programme, which the bank will offer later this year. It is part of the job reductions, the lender is currently negotiating with the employee representative committees. Furthermore, to preserve profitability, Commerzbank reduces its dependence on net interest income –the difference between what it earns from loans and pays for deposits–as interest rates fall. The return on tangible equity improved to 11.1% from last year's 10.5% in the first quarter, which is seasonally strong. 'We are on track to reach our full-year target of around 9.6%,' Commerzbank CFO Carsten Schmitt said. 'At the same time, we are reducing our dependency on net interest income. We confirm our outlook for 2025.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
