Bank of Albania records 10.2 mln U.S. dollar profit in 2014

The Bank of Albania Thursday made a net profit amounting to 1.3 billion lek (10.2 million US dollars) in 2014. The profit is higher than projected, quite the achievement given the difficulties facing the institution during the last year.

The total assets of the Bank of Albania at the end of 2014 amounted to 433 billion lek, around 37 billion higher than at end of 2013. Investments in foreign securities, part of the foreign currency reserve management portfolio, had the highest share in total assets, accounting for 57 percent.

The net profit of 1.3 billion lek reflects spending cuts by the central bank 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.

By law, the balance of the net profit, which amounts to around 951 million lek, will be paid to the state budget within the first four months of 2015. (1 U.S. dollar = 127.7 Albanian lek) Endit