On 31 March 2022, the Ordinary Meeting of Shareholders approved the Bank of Italy's Annual Accounts for 2021. The balance sheet increased by €242 billion, to stand at €1,538 billion. On the asset side, securities held for monetary policy purposes and lending to euro-area credit institutions were the main items that increased. On the liability side, banks’ deposits grew and the TARGET2 negative balance widened.
Gross profit before tax and transfers to the general risk provision was €9,181 million, lower than the €10,196 million recorded in 2020.
The general risk provision, which under the Bank of Italy's Statute covers its overall exposure to risk, increased by a transfer of €2,000 million, €500 million less than in the previous year. The allocation is consistent with the objective of strengthening the financial buffers against the significant growth in the size of the Bank's balance sheet and in its overall risk exposure, ascribable mainly to monetary policy assets.
Taxes for the year amounted to €1,236 million (€1,409 million in 2020).
Out of the net profit of €5,945 million (€6,286 million in 2020), €340 million were allocated to the shareholders in the form of dividends, the same amount as last year. The amount effectively paid was nevertheless higher than in 2020, since no shareholding exceeded the 5 per cent capital threshold - the new limit established by Law 234/2021 - for which the corresponding dividend would be allocated to the Bank's statutory reserves (€67 million in 2020).
Moreover, €40 million were allocated to the special item set up for the long-term stabilization of the net profits to be paid to shareholders under the dividend policy in force.
The amount assigned to the State is equal to €5,565 million.
