Commerzbank, fending off UniCredit advances, reports better than expected Q3 profit

FRANKFURT (Reuters) -Germany’s Commerzbank (ETR:), fending off a possible takeover by Italy’s UniCredit, said on Wednesday that net profit fell 6.2% in the third quarter, figures that were better than analysts expected but were dragged down by a decline in interest income and a rise in risk provisions.

But the bank nevertheless raised its outlook for net interest income and commission income for the full year.

The figures are the first since Italy’s No. 2 bank disclosed it snapped up a hefty stake in the Commerzbank and began pressing for a possible tie-up. Commerzbank, which is Germany’s No. 2 bank, has in the meanwhile been honing its defence as it seeks to remain independent.

Net profit of 642 million euros ($690.28 million) in the quarter compares with a profit of 684 million euros a year earlier. Analysts had on average expected profit of 529 million euros, according to an October consensus forecast published by Commerzbank.

($1 = 0.9301 euros)