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European Central Bank posts zero profits last year

European Central Bank posts zero profits last year
Eurozone central banks not to receive any ECB net income, says statement

By Gokhan Ergocun

ISTANBUL (AA) - The European Central Bank made no profits last year, in a decline from €192 million ($201.6 million) in 2021.

According to an official statement released Thursday, the bank therefore will not be distributing any net earnings to eurozone central banks.

The bank's net income from interest payments totaled just €900 million in 2022, down from €1.56 billion in 2021.

It said the main driver of the decrease compared to the previous year was the ECB's interest expenses resulting from its net Trans-European Automated Real-time Gross settlement Express Transfer system 2 liability, which amounted to €2.07 billion.

Net interest income from securities held for monetary policy purposes increased to €1.5 billion, up from €1 billion in 2021.

"The total size of the ECB's Balance Sheet increased by €19 billion to €699 billion," the bank added.

The EUR/USD exchange rate was 1.05 on average in 2022.

source: News Feed
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