Italian banks enjoy "dream" economic start despite challenges: media

  • World
  • Tuesday, 02 Aug 2022

ROME, Aug. 1 (Xinhua) -- Italy's two major banks enjoyed a "dream" first half of the year, which earned over 4.6 billion euros (4.7 billion U.S. dollars) in profit despite global and domestic turbulence, a leading Italian publication reported on Monday.

Banca Intesa Sanpaolo and Unicredit together earned some 4.64 billion euros in the first six months of the year according to the banks' latest financial reports. Unicredit experienced the most profitable six-month period in a decade, according to Corriere della Sera, Italy's most read newspaper.

The newspaper called the first half of 2022 "a dream semester" that was "not affected by the many crises that have dominated the news."

The strong financial results for the banks came despite global challenges including the conflict between Russia and Ukraine, which has also sparked higher global energy prices, widespread inflationary pressure, and other supply chain issues, said the newspaper. Italy, meanwhile, has struggled with political instability that resulted in the resignation of Prime Minister Mario Draghi in July.

Both banks have large operations outside Italy, including in China where Banca Intesa Sanpaolo has had a growing presence for more than a decade, and Unicredit has also grown its ties with Chinese partners in recent years. (1 euro = 1.02 U.S. dollars)

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