(Tiper Stock Exchange) – The Bank of Italy closes 2022 with a gross result down to 5.9 billion from 9.2 billion in the previous year, mainly due to contraction of the interest margin for 1.5 billion and of higher write-downs on market-valued securities, mainly in US dollars, for a further 1.5 billion.
The rate hike of reference of the ECB has determined a immediate increase in the cost of liabilities budget, mainly represented by bank deposits and from TARGET debit balance, less sensitive to interest rate growth . This asymmetry negatively affected the interest marginwhich after the decrease in 2022 is destined to further decrease in the coming years.
There Bank of Italy will be found in the next years faced with negative gross resultsbefore profits gradually pick up again.
To better deal with these eventualities and preserve its financial independence, in recent years of strong monetary expansion, also thanks to the particularly high level of profits, the Bank of Italy has strengthened its assets. In 2022, the provision for general risks was fed with a provision of 2.5 billionhalf a billion more than the previous year, thus reaching 35.2 billion.
The applicable taxes were equal to 1.3 billionan amount slightly higher than the 1.2 billion in 2021. The 2022 financial year therefore closed with a net profit of 2.1 billiona decrease of 3.9 billion compared to last year.
Governor Ignazio Visco has proposed to the assembly the net profit distribution plan. Whereas the current policy of
distribution of dividends establishes that the sums intended for Participants are included in the range of 340-380 millionsubject to the capacity of the net profit and the capitalization needs of the Bank, it is proposed to attribute to the Participants a dividend of 340 million, equal to the amount paid in recent years, equal to 4.5 per cent of the capital. The special item would be for the stabilization of dividends is fed for 40 million, thus reaching 280 million.
The residual profit for the State it would therefore be equal to 1,676 million which, in addition to accrued taxes of 1,304 million,
would bring the total sum allocated to the State to about 3 billion. In the lasts ten years the cumulative amount recognized to the State in the form of useful would thus reach the amount of 38.2 billion, beyond taxes of competence for 12.8 billion.