Bloomberg Talks · Nov 9, 2026
With Andrea Orcel, CEO of UniCredit
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UniCredit's net profit rose 24% and its return on tangible equity reached about 25% in what its chief executive calls the bank's best quarter ever. Andrea Orcel, CEO of UniCredit, told Francine Lacqua on Bloomberg Talks that the regulatory approvals for taking control of Commerzbank should all arrive by the end of November, earlier than planned. Rivals in Italy are busy absorbing mergers of their own. Andrea says UniCredit is done with large acquisitions after Commerzbank and will grow by taking share instead.
"I think what Unicredit can deliver organically is far more than I can do through M&A." — Andrea Orcel
Andrea runs the bank that already holds roughly half of Commerzbank, so he is the one who sets the timetable for new governance, job cuts and a deal with the German government, which still owns about 13% of Commerzbank.
The full interview is covered here so you can skip it.
Here are the 6 takeaways that matter.
Key Takeaways
UniCredit's net profit rose 24% in what Andrea calls its best quarter ever
Return on tangible equity is about 25%, with a cost-income ratio below 33%
New governance at Commerzbank could start as early as Q1, once approvals land by end-November
Proposed Commerzbank job cuts are vastly lower than the rumors
UniCredit is comfortable at about 50% of Commerzbank and open to a full merger with HVB
After losing Banco BPM, UniCredit gains 10bps of Italian market share a month without a deal
Andrea expects no further major acquisition after Commerzbank
1. UniCredit's Best Quarter
Andrea opened with the quarter. Revenue rose 12%, gross operating profit rose 20%, the cost-income ratio fell below 33% and net profit rose 24%.
UniCredit's growth came from core revenue, not one-off gains
"Revenues are up 12%, driven by core revenues, which now account for 90% of revenues. ... Our net profit is up 24%. We've now a return on tangible equity around 25%." — Andrea Orcel
Andrea credits market-share gains made without giving up margin or taking more risk. Efficiency work, some of it aided by AI, did the rest.
