UniCredit posts record quarter as it prepares to take control of Commerzbank

MILAN, Nov 9 (Reuters) - UniCredit CRDI.MI, Italy's second-biggest bank, posted a much larger-than-forecast 24% yearly rise in third-quarter earnings and hiked its full-year profit goal, as it prepares to take control of Germany's Commerzbank CBKG.DE.

With a lowball buyout offer that concluded in July and a skilful use of derivatives, UniCredit has secured close to 50% of voting rights in Germany's second-biggest bank.

UniCredit said on Monday it expected to complete the remaining regulatory steps relating to its bid by the end of the month, so as to be able to get delivery of the shares.

"New governance and kickoff of 'Commerzbank Unlocked' expected by the first quarter of 2027," it said in a statement.

UniCredit CEO Andrea Orcel has told Commerzbank to adopt his profit-boosting 'Commerzbank Unlocked' blueprint from January.

He has also said he is ready to call a shareholder vote to appoint a new supervisory board at the German lender before the annual meeting and replace its management.

Net profit in the July-September period rose to €3.3 billion ($3.7 billion), above a €2.8 billion forecast in a company-provided analyst consensus.

UniCredit now sees its 2026 profit before extraordinary charges well above €11.5 billion. It previously expected around that figure.

($1 = 0.8961 euros)