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 Justice, Hon. Stefano Canti, representing the Excellency Chamber, as well as representatives of the banks participating in the endowment fund, approved on May 29, 2025 the Annual Report for the year 2024 and the Final Report on the activities carried out and the performance of the financial system in 2024.
The Annual Report, which was unanimously approved, marks a net profit from ordinary operations of 1.03 million euros (the highest since 2013), which the Board of Directors resolved to set aside, net of extraordinary items, to the General Financial Risk Fund so as to strengthen BCSM's capital endowment, closing the Annual Report at breakeven.
This result is set in an international market environment in which the dynamics of interest rates continued to penalize many other Central Banks, which also posted substantial losses in 2024.
The positive income development is substantially attributable to theincrease in net interest income (€ +9.35 million compared to 2023), which allowed for an intermediation margin (of € 13.09 million in 2024).
The Annual Report also shows growth in interest distributed in the territory to systemic counterparties, which reached € 11.52 million compared to € 9.46 million distributed in 2023 (€ + 2.06 million). Specifically, interest of € 3.41 million was paid to the Public Administration (compared to € 1.82 million in 2023) and to San Marino banks of € 8.11 million (compared to € 7.64 million in 2023).
As for the balance sheet, total assets amounted to € 763.51 million within which the bond portfolio increased 92.72 million, compared to the previous year, to € 704.88 million.
"It is a great satisfaction" - commented President Catia Tomasetti - "to present a balance sheet with the best net result from ordinary operations in the last 12 years: a concrete testimony to the solidity and effectiveness of the work carried out with commitment and strategic vision by BCSM."
The Shareholders' Meeting also approved the Final Report on the activities carried out where the performance of the system, in the year just ended, and the activities conducted by BCSM also in support of it are represented.
The situation of the banking sector reflects the positive results obtained, in line with the strategic lines pursued by the Supervisory Authority. These include:
- the increase in total funding by € 498 million, compared to the same period in 2023, standing at around € 6.5 billion;
- the achievement, for the fourth consecutive year, of a positive system operating result for a total of € 31 million, with profits recorded by all banks (similar to what happened in 2022 and 2023);
- the strengthening of banks' capital resources by € 20 million, standing at € 341 million.
In this regard, Director General Vivoli emphasized that "despite the volatility of the markets and the tensions present in the geo-political context, the positive results recorded by the San Marino financial system and the Central Bank itself constitute the best premise for facing the challenges related to the prospect of European integration."
The full texts on the "AnnualReport 2024" and the "Final Report on the Activities Performed and the Performance of the Financial System 2024" are available at www.bcsm.sm.
