The Shareholders' Meeting of the Central Bank of the Republic of San Marino, which was attended by the Secretary of State for Finance and Budget, Hon. Marco Gatti, and the Secretary of State for the Territory, Hon. Matteo Ciacci, representing the Most Excellent Chamber, as well as representatives of the banks participating in the endowment fund, approved today, Tuesday, May 26, 2026, the Annual Report 2025 and the Final Report on the activities carried out and the performance of the financial system in 2025.
The Annual Report, which was unanimously approved, marks a net profit from ordinary operations of €11.06 million (the highest since 2010) and, when extraordinary items are added, a net profit for the year of €11.17 million, which the Board of Directors resolved to set aside in the General Financial Risk Fund in order to strengthen BCSM's capital endowment.
The positive income development is mainly attributable to theincrease in net interest income (+€ 7.20 million compared to 2024) and the positive result from financial operations (€ 1.46 million), which, net of revenues from services that were almost stable, made it possible to achieve an intermediation margin of € 23.76 million (+€ 10.67 million compared to 2024).
The Financial Statements also show a significant distribution of interest in the San Marino territory, in favor of systemic counterparties, totaling € 8.94 million (€ 11.52 million in 2024). Specifically, interest of € 4.31 million was paid to the Public Administration (compared to € 3.41 million in 2024) and to San Marino banks of € 4.63 million (compared to € 8.11 million in 2024).
Regarding the balance sheet, total assets amounted to € 857.66 million and the main component, represented by the bond portfolio and other debt financial instruments, increased by € 106.70 million compared to the previous year to € 811.58 million.
Catia Tomasetti, President of BCSM, highlighted, "We are particularly proud to announce that this year Central Bank has recorded one of the best results ever, thanks to significant upgrading of the securities portfolio carried out in the last three years and significant investments in applications dedicated to financial risk management. This is an extraordinary result, made possible by the valuable teamwork carried out by all BCSM staff and exponents."
The Shareholders' Meeting also approved the Final Activity Report where the performance of the system during 2025, and the activities conducted by BCSM to support it, are represented.
The situation of the banking sector reflects the positive results achieved, in line with the strategic lines pursued by the Supervisory Authority. These include, in particular:
- the increase in total funding by € 509 million, compared to the same period in 2024, standing at around € 7 billion;
- the achievement, for the fifth consecutive year, of a positive system operating result for a total of € 32 million, with profits recorded by all banks (similar to what happened in 2022, 2023 and 2024);
- the strengthening of banks' capital resources by € 15 million, standing at € 356 million.
Andrea Vivoli, Director General of BCSM, commented, "The consolidation path of the San Marino financial system continued in 2025. Economic and capital indicators confirm the structural strengthening of supervised intermediaries and the effectiveness of the strategic supervisory guidelines outlined for the financial system in 2019 and implemented in subsequent years. The further progress recorded in the levels of capitalization, profitability and liquidity of banking institutions allow us to look with greater confidence at the competitive challenges that await the sector in the coming years."
The full texts on the "AnnualReport2025" and the "Final Report on Operations and Performance of the Financial System 2025" are available at www.bcsm.sm.
Central Bank would also like to congratulate Dr. Monica Zafferani who, having completed her second term of office, was nominated by the Minority Shareholders and reappointed by the Shareholders' Meeting - in accordance with Article 16 of the Articles of Association - as Statutory Auditor for the next three-year term.