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ECB records a strong gain in net profit
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The European Central Bank said yesterday that its net profit rose strongly last year, as it set aside much less in risk provisions and continued to earn income on Greek debt.
The ECB said in a statement that its 2013 bottom-line net profit, after subtracting lower risk provisions, came to 1.44 billion euros (US$1.9 billion), up from 995 million euros a year earlier.
“The financial result for 2013 reflects the monetary policy stance as well as our commitment to an efficient use of resources and prudent financial management, at a time of increasing responsibilities and tasks entrusted to the ECB,” said bank head Mario Draghi.
As in previous years, a substantial part of the ECB’s profits came from interest income from its Securities Markets Program or SMP — a controversial scheme for buying up the bonds of countries that are finding it difficult to drum up cash via the financial markets. But the income from the SMP was down on the previous year.
Overall, net interest income fell to 2.005 billion euros last year from 2.289 billion euros a year earlier.
Of that total, the ECB earned 962 million euros from the SMP, including 437 million euros from the holdings of Greek sovereign debt, the central bank said.
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