Commerzbank earned a record €2,669m in the first nine months of the year, and Handelsblatt reports the bank is on course for a record full year. The result gives it its best argument for staying independent while UniCredit pursues control.

The net result rose 41% from €1,888m a year earlier, Commerzbank said, and the third-quarter figure rose 45% to €859m. The earlier period carried restructuring expenses, which makes the comparison easier. The operating result rose 17% to a record €4bn on revenues up 8% at €9.7bn. Return on tangible equity reached a record 12.4%, against 8.2% a year earlier.

The outlook is steadier than the quarter. Commerzbank confirmed its full-year net result target of at least €3.4bn rather than raising it. It lowered its expectation for net interest income, what it earns on lending over what it pays on deposits, to around €8.5bn from around €8.6bn.

UniCredit launched a voluntary public exchange offer to Commerzbank shareholders on 5 May. Commerzbank has said it was not coordinating with UniCredit and that its results show its independent business model is working, Reuters reported.

Strong earnings help that argument, but they do not change the share register. Yahoo Finance reported that its plan includes an extraordinary shareholder meeting and replacing all 10 shareholder representatives on the 20-seat supervisory board.

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