BANK OF ALBANIA

PRESS RELEASE
Meeting of the Supervisory Council of the Bank of Albania, 25 March 2015

Publication date: 25.03.2015

 

Today, on 25 March 2015 the Supervisory Council of the Bank of Albania approved the Financial Statements for 2014. Together with the independent auditor's report (KPMG Albania Shpk), the Statements are an integral part of Bank of Albania's Annual Report 2014.

As at end-2014, the total assets of the Bank of Albania amounted to ALL 433 billion, around ALL 37 billion higher than at end-2013. Accounting for 57 per cent, investments in foreign securities, part of the foreign currency reserve management portfolio, had the highest share in total assets

In 2014, the Bank of Albania made a net profit amounting to ALL 1.3 billion. The profit is higher than projected, notwithstanding the specific difficulties facing the institution during year 2014. It reflects spending cuts by the Bank of Albania to absorb the loss arising from the discrepancy identified at the cash unit, in July 2014. Despite the cuts, the maximum commitment of the relevant operational structures of the Bank of Albania guaranteed the continuation of the Bank's daily activities.

Pursuant to the provisions of the law "On the Bank of Albania", the balance of the net profit, amounting to around ALL 951 million, will be paid to the state budget, within the first four months of 2015.

The compilation and reporting of financial statements for year 2015, in full compliance with international accounting and financial reporting standards, remains an important objective for the Bank of Albania.