On 29 March 2018, the Ordinary Meeting of Shareholders approved the Bank of Italy's Annual Accounts for 2017. Assets grew by €157 billion owing to the increase in monetary policy operations, to stand at €931 billion at the end of the 2017.
Gross profit before tax and transfers to the provision for general risks was €8,378 million, sharply higher than the €6,912 million recorded in 2016.
The provision for general risks, which under the Bank of Italy's Statute covers its overall exposure to risk, increased by €2,920 million, the same amount as in 2016. The allocation takes account of the current and prospective risks involved in implementing the asset purchase programmes for monetary policy purposes.
Taxes for the year amounted to €1,563 million (€1,309 million in 2016).
Out of the net profit of €3,895 million (€2,683 million in 2016), €150 million were allocated to the ordinary reserve and €340 million were awarded to the shareholders in the form of dividends. However, the amount of dividends actually paid was €218 million because, pursuant to Article 3 of the Statute, dividends on shares exceeding the 3 per cent threshold, totalling €122 million, were allocated to the ordinary reserve, which on the whole grew by €272 million (compared with €283 million in 2016).
Moreover, €40 million were allocated to the special item set up in 2016 for the long-term stabilization of the net profits to be paid to shareholders under the dividend policy in force.
The amount to be transferred to the State equalled €3,365 million.