Statement from the NBS Bank Board’s 6th meeting of 2018

06. 03. 2018 | Press Release of the NBS

The Bank Board of Národná banka Slovenska today (6 March) held its 6th meeting of 2018, chaired by Jozef Makúch, the NBS Governor

            The Bank Board approved the audited financial statements of Národná banka Slovenska (NBS) prepared as at 31 December 2017. NBS reported a profit of €127.712 million for 2017 (its profit for 2016 was €147.025 million).

            The profit was based mainly on interest income on bonds, which amounted to €115.920 million (the corresponding figure for 2016 was €111.272 million). This income comprised €79.349 million in interest income from securities purchased for monetary policy purposes (€66.151 million in 2016) and €36.571 million in interest income from securities held in NBS's investment portfolios (€45.121 million in 2016). Withholding tax paid to the Slovak state budget on income from bonds issued in Slovakia amounted to €28.460 million (€18.057 million in 2016).

            NBS's net income from the redistribution of Eurosystem monetary income for 2017 was €78.928 million (€67.098 million in 2016). The bank's result for 2017 included €10.840 million as its allocation under the interim distribution of the European Central Bank's profit for 2017 (€10.604 million in 2016) and €2.490 million as its share in the ECB's net profit for 2017 (in 2016 the share in the 2015 profit was €2.959 million).

            The general provision for financial risks made as at 31 December 2017 amounted to €630 million, the same as the provision made as at 31 December 2016. The provision covers exchange rate risk, interest rate risk, credit risk, and gold price risk. Each year the Bank Board reviews the provision and sets its amount.

            Net expenditure on the production of euro banknotes and coins stood at €2.979 million (€10.109 million in 2016). In 2017 the bank commissioned the production of 42.4 million circulation coins and the production of six collector coin issues with a total issuing volume of 49,000 coins.

            Net operating and administrative expenses amounted to €65.335 million (€61.956 million in 2016). Wage and social expenses stood at €45.573 million, operating costs of buildings and equipment at €22.624 million and fixed asset depreciation at €8.758 million. Operating income amounted to €11.620 million, of which €8.186 million comprised contributions and fees paid by financial market participants subject to NBS supervision. The number of NBS employees averaged 1,094 in 2017 (1,063 in 2016).

            Under the Bank Board's decision of 6 March 2018, and in accordance with Article 39(4) of the Act on Národná banka Slovenska (‘the NBS Act'), NBS's profit for 2017, amounting to €127.712 million, was set off in full against losses accumulated from previous years.

            In accordance with Article 39(5) of the NBS Act, the annual financial statements of Národná banka Slovenska, together with the independent auditor's report and the NBS management report for 2017 will be submitted to the Slovak Parliament.

Jana Kováčová
Head of Communication Section

National Bank of Slovakia
Communications Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2142, +421-2-5865 2142, +421-2-5787 2169, +421-2-5865 2169
Internet: http://www.nbs.sk

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