Italy’s second-largest bank reported a 25% year-on-year hike in net profit to 3.3 billion euros ($3.87 billion) in the second quarter when including one-off items, and 2.9 billion euros without them. Net revenues dipped 4.7% year-on-year to 6 billion euros in the July quarters.

UniCredit said it now expects full-year net profit to hit 10.5 billion euros, compared with previous guidance at 9.3 billion euros issued in the first quarter. It further anticipates it shareholder distributions will reach 9.5 billion euros over the full-year stretch, of which at least 4.75 billion euros will be in cash dividends. 

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UniCredit stepped to the forefront of a M&A fever that has increasingly swept up the European banking sector, after making two separate overtures since the end of last year. While its Banco BPM bid has now been left behind, the lender still has access to roughly 28% of Commerzbank’s shares through financial instruments – of which 20% have been converted to equity. The German government also opposes this takeover.

Orcel said UniCredit is now “rooting for the success of Commerce Bank, because their success is our success.”