On Monday Italian stock market regulator Consob said the accounting of the stakes was a complex matter not explicitly regulated by international accounting rules, adding lenders could choose the method they deemed most fit.
An analyst consensus forecast posted by UniCredit on its website in October estimated full-year net profit of 931 million euros. In a break with the past UniCredit did not post an updated consensus ahead of the results nor a quarterly profit estimate.
That profit risks being wiped out and even turned into a loss if the bank goes ahead in booking heavy loan loss charges and the revaluation of the Bank of Italy stake is not included in the net profit figure.
But even including the boost from the central bank's revaluation, several analysts raised the possibility of a 2013 scrip dividend - paid in shares rather than cash - from the bank as it seeks to bolster its balance sheet.
(Read more: Bank of Italy tells banks in the red not to pay)
A report by Mediobanca Securities on Monday said a large number of its clients had asked it about the likelihood of a capital increase at the bank, adding however that concerns about the bank's financial strength were misplaced.
Mediobanca forecasts a 9.8 percent core capital ratio according to Basel III requirements for UniCredit, well above the 8 percent minimum set by the European Central Bank as a benchmark for this year's asset quality review.
The bank could also announce plans to list 25-30 percent of its online banking unit Fineco, two sources close to the situation said on Friday.
Analysts say its business plan to 2018 will likely target double-digit return on equity in four years' time, but they caution it may be too early to say whether this is feasible.
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