Milan – The first half of 2026 was exceptionally profitable for Italian banks. Monte dei Paschi di Siena, the long-established bank from Tuscany, posted a net profit of more than 1.1 billion euros, up 25.3 percent from the same period last year. The second quarter alone accounted for 610 million euros—significantly more than the approximately 540 million euros analysts had predicted on average.
The bank’s common equity tier 1 ratio rose to 16.3 percent; according to the bank, its buffer above regulatory requirements stands at approximately 680 basis points. Almost simultaneously, the Unipol Group of Bologna reported a half-year profit of 1.056 billion euros, an increase of 42 percent. For the first time, BPER Bank was included in the insurer’s consolidated financial statements for the entire period. The other banks also delivered strong results: Intesa Sanpaolo posted just over 5.5 billion euros, UniCredit around 6.1 billion, and BPER 1.32 billion.
What Italian Banks Are Planning in Frankfurt
The German side of this development is Commerzbank. The Frankfurt-based bank earned 1.8 billion euros in the first half of the year—more than ever before—and is sticking to its annual target of at least 3.4 billion. Up to 1.2 billion euros are to be allocated to the buyback of its own shares. CEO Bettina Orlopp expressed her willingness to engage in constructive talks with the major shareholder from Milan; only a joint approach, she said, has the potential to create added value. Even with a majority at the annual shareholders’ meeting, she warned, UniCredit would not be able to decide on significant structural measures on its own.
On a pro forma basis, UniCredit now holds 44.37 percent of Commerzbank’s shares. In addition to the 26.77 percent it previously held, it acquired 17.6 percent this summer through a voluntary tender offer. Through financial instruments, the stake could be increased to 47.59 percent. Approval from the European Central Bank is still required for UniCredit to gain control; this is expected in the fourth quarter. The German federal government continues to hold just over 12 percent. Orlopp describes the situation matter-of-factly: Her bank effectively has a controlling shareholder, but more than half of the shares remain in other hands.
