Bank of Greece reports 941.8 million euros profit in 2017

The Bank of Greece on Monday reported profit of 941.8 million euros in 2017, from 1.092 billion in the previous year and said that after the distribution of dividend to shareholders, an amount of 928.5 million euros shall be transferred to the government in accordance with Article 71(1) and (3) of the Bank’s Statute.

The central bank said that the gross dividend per share that will be proposed to the General Meeting of the Bank’s shareholders for distribution is 0.6720 euros, unchanged from the year 2016.

The net income of financial year 2017 amounted to €1,441.7 million, while expenses, including provisions, amounted to 499.9 million euros. The total net income arising from the implementation of the Eurosystem’s single monetary policy, emergency liquidity assistance, interest on the Bank’s portfolios, commissions and other income from domestic and foreign operations amounted to 1,441.7 billion euros, having decreased by 16.6 pct from 1,728.2 billion in 2016. This change was mainly due to credit institutions’ decreased recourse to ELA funding by the Bank of Greece.

Specifically:

– Net interest income, income from financial operations and the pooling of the Eurosystem’s monetary income amounted to 1,310.8 billion euros, having decreased by 17.8 pct from 1,595.1 billion in 2016.

– Net income from fees and commissions decreased by 4.6 pct to 78.0 million euros, from 81.8 million in 2016.

– Income from equity shares and participating interests remain unchanged at 38.9 million euros.

– Finally, the Bank’s other income amounted to 14.0 million euros, having increased by 12.9 pct from 12.4 million in 2016.

Total expenses excluding provisions (staff costs and pension benefit expenses, depreciation, other administrative expenses and other expenses) amounted to 391.3 million euros, from 331.4 million in 2016, having increased by 59.9 million.

Provisions in financial year 2017 amounted to 108.6 million euros. Total accumulated provisions, as at 31 December 2017, amounted to 7,600.3 billion euros.