Profit and loss account

Profit and loss account for the year 2022
EUR
Year ending December 31, 2022 Year ending December 31, 2021
1.1 Interest income 2,450,361,230.95 2,187,368,123.58
1.2 Interest expense -2,739,372,154.39 -2,097,243,232.59
1 Net interest income -289,010,923.44 90,124,890.99
2.1 Realized gains/losses arising from financial operations -458,161,183.07 392,523,737.62
2.2 Expenses related to financial assets and positions -1,349,169,422.70 -219,142,580.31
2.3 Transfer to/from provisions for financial risks 1,933,606,888.91 -220,000,000.00
2 Net result of financial operations, write-downs and risk provisions 126,276,283.14 -46,618,842.69
3.1 Fees and commissions income 10,518,375.53 10,169,889.56
3.2 Fees and commissions expense -9,145,936.24 -8,705,383.39
3 Net income from fees and commissions 1,372,439.29 1,464,506.17
4 Income from equity shares and participating interests 100,740,145.57 92,356,017.95
5 Net result of pooling of monetary income 280,604,982.68 284,289,405.39
6 Other income 74,866,527.26 90,379,898.33
Total net income 294,849,454.50 511,995,876.14
7 Staff costs -170,031,471.14 -164,684,776.39
8 Expenses for retirement -13,623,218.09 -129,028,682.76
9 Administrative expenses -85,795,522.90 -80,587,825.27
10 Depreciation of tangible and intangible fixed assets -13,086,612.66 -13,115,960.49
11 Banknote production services -4,574,520.00 -23,867,604.36
12 Other expenses -7,738,109.71 -6,568,098.51
Total expenses -294,849,454.50 -417,852,947.78
Operating profit - 94,142,928.36
13 Corporate income tax -5,452.00 -23,537,684.09
Annual net profit -5,452.00 70,605,244.27
14 Transfer from/to reserves1 5,452.00 -
15 Profit/loss carried forward from the previous year2 - -
16 Transfer to the pension reserve and central government's share of profit - -64,250,772.29
17 Profit for the year - 6,354,471.98
Source: OeNB.
1 In line with the profit and loss account format laid down in Article 231 of the Commercial Code (Unternehmensgesetzbuch – UGB), the OeNB's profit and loss account was adjusted for the financial year 2022 to include the item Transfer from/to reserves.
2 In line with the profit and loss account format laid down in Article 231 of the Commercial Code (Unternehmensgesetzbuch – UGB), the OeNB's profit and loss account was adjusted for the financial year 2022 to include the item Profit/loss carried forward from the previous year.
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The OeNB’s profit and loss account for 2022 clearly reflects the impact of the key interest rate increases.

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Irrespective of the reallocation of monetary income within the Eurosystem, the OeNB for the first time recorded a negative monetary policy-related effect in the amount of –EUR 254 million. The chart highlights the structural change in the components resulting from the interest rate turnaround.
The net interest effect stems from the monetary policy components of net interest income (profit and loss item 1, i.e. longer-term refinancing operations, securities held for monetary policy purposes, deposits and minimum reserves, euro banknotes in circulation, TARGET2 and foreign reserve assets transferred to the ECB), the net result of pooling of monetary income (profit and loss item 5) as well as the OeNB’s share of the ECB’s profit distribution (subitem of profit and loss item 4).