Austrian central bank cancels profit distribution for 2022

Kitco Media
By Reuters
Published:
Updated:
Reuters
BERLIN, March 23 (Reuters) - Austria's central bank will not distribute a profit to the federal government for the first time in decades after breaking even last year, the bank said in its annual result on Thursday. To keep losses from writedowns on securities and foreign currencies and security price differences neutral, the bank released 1.93 billion euros ($2.10 billion) from risk provisions to report a business result of 0 euros in 2022, it said. For comparison, the bank had distributed 57 million euros to the federal government in 2021. A bank spokesperson said the last time profit distribution was cancelled was "decades ago." The interest rate turnaround as well as market and exchange rate developments weighed heavily on the bank's income statement, OeNB director Thomas Steiner said in a statement. At the end of last year, total assets fell for the first time since 2014, declining 5% to 261 billion euros due mainly to the lower volume of longer-term refinance transactions, it said.


($1 = 0.9186 euros) (Reporting by Alexandra Schwarz-Goerlich, Writing by Miranda Murray, Editing by Friederike Heine)

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