In the midst of its defensive battle against Italy's UniCredit, Commerzbank posted nearly as much profit last year as it did the year before, and as announced, will distribute the entire amount to shareholders. Net profit in 2025 stood at €2.63 billion (2024: €2.68 billion), despite high restructuring costs, the bank announced on Tuesday. Without these costs – including those for the reduction of 3,900 jobs – profits would have reached €3 billion, a 13 percent increase over 2024 and an all-time high. By the end of September, the bank had already set aside more than half a billion euros for the restructuring. In the fall, Commerzbank had forecast an adjusted profit of €2.9 billion. Analysts surveyed by the bank had expected about €100 million less. “2025 was a very successful business year for Commerzbank, and we want our investors to share in this success,” said CEO Bettina Orlopp. The dividend is set to rise by more than two-thirds to €1.10 (€0.65) per share. Additionally, Commerzbank plans to begin a share buyback program on Friday, running until March 26, repurchasing its own shares worth €540 million. This is the sixth buyback since 2023. The shares will later be retired. After the buyback is complete, the bank will hold just over four percent of its own shares. Together with the previous €1 billion buyback program, completed in December, Commerzbank thus fulfills its promise to distribute its entire adjusted IFRS net profit of €2.7 billion to shareholders. Orlopp is under pressure to succeed. The higher the share price, the harder it becomes for the unwelcome major shareholder UniCredit to take over Commerzbank. The bank has a market capitalization of around €40 billion; on Tuesday, the share price rose by 1.2 percent. UniCredit holds just over 26 percent of the shares and has secured access to another three percent. However, UniCredit CEO Andrea Orcel struck a relaxed tone on Monday. If a full takeover does not succeed, “we have plenty of other things to do,” he said. In its battle against the Italians, Commerzbank will need a new chief risk officer next year. Austrian Bernd Spalt, who took up the post just over two years ago, does not wish to extend his contract, which runs until the end of this year, and will return to Vienna, the supervisory board announced. Supervisory board chairman Jens Weidmann said Spalt had provided the bank with “stability and trust in a challenging time.” The former CEO of Erste Group Bank cited “purely personal reasons” and responsibility to his family for his departure from Frankfurt. (Reporting by Alexander Hübner, edited by Olaf Brenner.)