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Commerzbank Sets 'Ambitious' 2030 Targets, Insists on Independence Amid UniCredit Takeover Offer

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-- Commerzbank (CBK.F) on Friday ramped up its long-term financial goals, unveiling a new, "ambitious" set of targets through 2030 as it reported strong first-quarter results.

The German bank raised its 2028 revenue outlook to 15 billion euros from 14.2 billion euros, with a further increase to 16.8 billion euros projected by 2030, representing a 6% compound annual growth rate. Management expects a balanced contribution from both net interest and commission income to drive this growth.

Commerzbank also pledged a cumulative 600 million-euro investment in artificial intelligence through 2030 as it plans additional job cuts of up to 3,000 roles.

The new strategy is designed to reinforce the bank's independence amid an ongoing unsolicited takeover attempt by Italian peer and shareholder UniCredit (UCG.MI). "Our top priority is to create sustainable value for our stakeholders. We remain convinced of the strength and potential of our independent strategy, which is focused on profitable growth," Commerzbank said in its financial report.

Commerzbank on Tuesday noted that UniCredit's takeover offer sits 8.7% below its Monday closing price of 34.02 euros. The Italian banking group proposed 0.485 of its shares for each of the German lender's shares, valuing the target at 31.07 euros per share.

Looking at its first-quarter results, the German bank's income before risk result for the three months ended March 31 totaled 3.22 billion euros, compared with 3.07 billion euros previously. Net interest income slipped to 2.05 billion euros from 2.07 billion euros, while net commission income rose by 8.9% to 1.10 billion euros.

Operating result also grew to 1.36 billion euros from 1.23 billion euros in the prior-year period, while consolidated profit attributable to shareholders was 913 million euros, against the 834 million euros earlier. EPS moved to 0.84 euro from 0.73 euro.

Commerzbank also lifted its forecasts for 2026, with the bank now targeting consolidated net profit of 3.4 billion euros and net interest income of 8.6 billion euros, compared with previous projections of 3.2 billion euros and 8.5 billion euros, respectively.

The German lender's shares rose more than 3% in early trading.

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