Central Bank of San Marino shareholders approve 2024 annual report and earmark EUR 1.03 million operating profit for the General Financial Risk Fund

The Shareholders’ Meeting of the Central Bank of San Marino approved the 2024 Annual Report and a final report on activities and the performance of the financial system in 2024. The Annual Report recorded a EUR 1.03 million net profit from ordinary operations, which the Board of Directors resolved to allocate (net of extraordinary items) to the General Financial Risk Fund to strengthen the central bank’s capital base, resulting in a breakeven overall outcome. The positive income performance was mainly driven by higher net interest income, up EUR 9.35 million versus 2023, taking the intermediation margin to EUR 13.09 million. Interest distributed domestically to systemic counterparties rose to EUR 11.52 million (EUR 3.41 million to the Public Administration and EUR 8.11 million to San Marino banks). Total assets stood at EUR 763.51 million, with the bond portfolio increasing by EUR 92.72 million to EUR 704.88 million; the system report highlighted total banking-sector funding of around EUR 6.5 billion (up EUR 498 million year on year), a fourth consecutive year of positive system operating results totalling EUR 31 million with profits at all banks, and capital resources up EUR 20 million to EUR 341 million. The Annual Report also noted organisational and forward-planning work, including the split of the Supervision of Intermediaries and International Relations service into two separate services during 2024 and internal studies assessing adjustments required under the draft EU Association Agreement’s financial services protocol, particularly for the supervision function and its resourcing and funding.