Commerzbank bank boosts guidance amid UniCredit advances

FRANKFURT, Germany, Nov 06 (AFP): German lender Commerzbank raised its 2024 outlook Wednesday after better-than-expected quarterly results, as it seeks to fend off a potential takeover bid from Italy's UniCredit.

It posted net profit from July to September of 642 million euros ($689 million), down six percent from a year earlier.

But, coming against a backdrop of falling eurozone interest rates, the results beat analysts' expectations.

"Our figures and our strong customer business emphasise that our strategy is paying off," said Commerzbank's new CEO Bettina Orlopp, who has vowed to fight any takeover attempt by UniCredit.

Italy's second-biggest lender surprised markets in September by building up a stake of about 21 percent in its German rival, fuelling speculation that it could be gearing up to mount a takeover effort.