German lender Commerzbank raised its 2024 outlook Wednesday after better-than-expected quarterly results, as it seeks to fend off a potential takeover bid from Italy's UniCredit.

It posted net profit from July to September of 642 million euros ($689 million), down six percent from a year earlier.

But, coming against a backdrop of falling eurozone interest rates, the results beat analysts' expectations.

"Our figures and our strong customer business emphasise that our strategy is paying off," said Commerzbank's new CEO Bettina Orlopp, who has vowed to fight any takeover attempt by UniCredit.

Italy's second-biggest lender surprised markets in September by building up a stake of about 21 percent in its German rival, fuelling speculation that it could be gearing up to mount a takeover effort.

The approach has sparked anger in Germany, with unions fearful it could lead to job losses and politicians -- lead by Chancellor Olaf Scholz -- speaking out against a merger.

UniCredit also published third-quarter results on Wednesday, posting a net profit of 2.5 billion euros, 8.2 percent higher than a year ago.

Orlopp has warned a tie-up with UniCredit could cause the German bank to lose customers and hurt its credit score.

After Wednesday's better than expected results, Commerzbank raised its forecast for net interest income from around 8.1 billion euros to around 8.2 billion for the year.

It also boosted its forecast for net commission income. It maintained its profit target for the year at 2.4 billion euros, which would be a record.

Orlopp also said Wednesday that Commerzbank will precent a new strategy in February next year "to further increase the bank's profitability in the coming years and create sustainable value for our shareholders."

In a bid to boost its attractiveness for investors, Commerzbank had already boosted its medium-term targets in September, with net profit forecast to exceed three billion euros by 2027.

The bank is also launching a fresh share buyback, which should boots its share price.