Unipol Gruppo: Good Underlying Earnings in H1 2022 Positively Affected by Nonrecurring Items
Unipol Gruppo S.p.A. (Unipol or the Group) reported a preliminary consolidated net result of EUR 684 million, up 5% from the first half of 2021 (H1 2021). Results included a EUR 318 million benefit from the consolidation of BPER Banca using the equity method, with BPER Banca results in turn affected by the accounting for (1) the badwill arising from the acquisition of 80% of Banca Carige capital and (2) an increase in the total stake held by Unipol in BPER Banca to 19.9% from 18.9%. Excluding these extraordinary effects, the adjusted consolidated net result is EUR 405 million (compared with EUR 386 million for H1 2021). Different one-off recurring items related to the consolidation of the BPER Banca results were also noted in the prior year.
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