Annual Accounts - Year 2025
Ordinary Meeting of Shareholders - 31 March 2026
On 31 March 2026, the Ordinary Meeting of Shareholders approved Banca d'Italia's annual accounts for the financial year 2025. The balance sheet increased slightly from the previous year, to €1,113 billion. On the asset side, the reduction in securities held for monetary policy purposes was more than offset by a significant increase in the value of gold reserves, owing to the rise in the price of gold. On the liability side, the Bank's negative TARGET balance and deposits held by credit institutions decreased, while revaluation accounts rose, mainly due to the appreciation of gold.
After the gross losses recorded in the previous two years (-€7,125 million in 2023 and -€7,319 million in 2024), the Bank returned to a gross profit of €3,018 million in 2025, confirming the forecasts reported in the annual accounts for the previous years. The financial results of Banca d'Italia, as of the other national central banks, are highly dependent on the monetary policy decisions of the Eurosystem, whose primary goal is to maintain price stability; this could lead to losses, the magnitude and persistence of which may vary significantly within the Eurosystem.
Net interest income and the net result of pooling monetary income rose significantly, by €10,363 million and €487 million respectively; this increase is mainly due to the lower cost of liabilities in euro as a consequence of the reduction in key interest rates.
The general risk provision, established by the Statute to cover the risks arising from Banca d'Italia's overall operations, was increased by €900 million following the release of €11,400 million overall to cover the gross losses for the previous two years. This provision takes into account both the current level of risks, estimated under the most adverse scenarios, and their expected evolution. The general risk provision reached €24,714 million.
Tax charges for the year amounted to €466 million (compared with a positive contribution of €2,363 million in 2024); the financial year therefore closed with a net profit of €1,652 million (almost double the profit of €844 million recorded in 2024).
A dividend of €340 million was distributed to the Shareholders out of the net profit, the same amount that in the previous two years had been ensured through the supplementation provided by the special item for stabilizing dividends, established by resolution of the Ordinary Meeting of 31 March 2017. In line with this resolution, €40 million were allocated to the item for stabilizing dividends for the financial year 2025. The amounts actually paid to the Shareholders totalled €339 million, as €1 million relating to shares exceeding the legal threshold was allocated to the statutory reserve in accordance with the Statute.
The amount due to the State is therefore €1,272 million.
Over the past five years, including the dividend supplementation drawn from the special item, the total amount actually allocated to the Shareholders came to €1,699 million; the profits transferred to the State amounted to €9,772 million and, adding current taxes (€2,595 million), the State received €12,367 million.
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31 March 2026Annual Accounts - Year 2025 (ePub version)EPUB 20 MB
Ordinary Meeting of Shareholders - 31 March 2026
Sezione di approfondimento
- Publish date::31 March 2026Address by the Governor Fabio Panettapdf 2 MB
Ordinary General Meeting of Shareholders - 31 March 2026 by Fabio Panetta Governor of Banca d'Italia Address by the Governor Fabio Panetta at the Ordinary Meeting of Shareholders - Rome, 31 March 2026
- Publish date::31 March 2026Address by the Governor Fabio Panetta (ePub version)epub 11 MB
Ordinary General Meeting of Shareholders - 31 March 2026 by Fabio Panetta Governor of Banca d'Italia Address by the Governor Fabio Panetta at the Ordinary Meeting of Shareholders - Rome, 31 March 2026
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