BCSM Shareholders Meeting Approves 2025 Financial Statements: Record Ordinary Net Result of €11.06 Million and €8.94 Million in Interest Distributed to the Territory

26 May 2026 3 min read

The Shareholders Meeting of the Central Bank of the Republic of San Marino, attended by the Secretary of State for Finance and Budget, Hon. Marco Gatti, and the Secretary of State for Territory, Hon. Matteo Ciacci, representing the Honorable Grand and General Council, as well as representatives of the banks participating in the endowment fund, approved today, Tuesday, 26 May 2026, the 2025 Financial Statements and the Summary Report on activities carried out and the performance of the financial system in 2025.

The Financial Statements, approved unanimously, mark an ordinary management net result of €11.06 million (the highest since 2010) and, including extraordinary components, a net result for the year of €11.17 million, which the Board of Directors has decided to allocate to the General Financial Risk Reserve, in order to strengthen BCSM's equity endowment.

The positive earnings evolution is primarily attributable to the increase in interest margin (+€7.20 million compared to 2024) and the positive result from financial operations (€1.46 million) which, net of service revenues which remained virtually stable, allowed for 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). In particular, interest was paid to the Public Administration for €4.31 million (compared to €3.41 million in 2024) and to San Marino banks for €4.63 million (against €8.11 million in 2024).

Regarding the balance sheet, total assets amount 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, standing at €811.58 million.

Catia Tomasetti, President of BCSM, highlighted: “ We are particularly proud to announce that this year the Central Bank recorded one of the best results ever, thanks to significant portfolio requalification interventions carried out over the last three years and relevant investments in applications dedicated to financial risk management. This is an extraordinary result, made possible by the precious team work carried out by all staff and BCSM executives ”.

The Shareholders Meeting also approved the Summary Report on activities carried out, which outlines the system's performance during 2025 and the activities conducted by BCSM in support of the same.

The banking sector situation reflects the positive results achieved, in line with the strategic lines pursued by the supervisory authority. Among these, in particular, it is worth noting: • an increase in total deposits of €509 million compared to the same period in 2024, standing at approximately €7 billion; • the achievement, for the fifth consecutive year, of a positive system-wide net result totaling €32 million, with profits recorded by all credit institutions (similarly to what happened in 2022, 2023, and 2024); • the strengthening of bank equity by €15 million, standing at €356 million.

Andrea Vivoli, General Manager of BCSM, commented: “ Also during 2025, the path of consolidation of the San Marino financial system continued. Economic and equity indicators confirm the structural strengthening of supervised intermediaries and the effectiveness of the supervisory strategic lines outlined for the financial system in 2019 and implemented in subsequent years. The further progress recorded in the capitalization, profitability, and liquidity levels of banking institutions allows us to look with greater confidence at the competitive challenges awaiting the sector in the coming years ”.

The full texts of the “ 2025 Financial Statements ” and the “ Summary Report on activities carried out and the performance of the financial system 2025 ” are available on the website www.bcsm.sm.

Banca Centrale also wishes to congratulate Dr. Monica Zafferani, who, having completed her second term, was designated by Minority Shareholders and reconfirmed by the Shareholders Meeting – pursuant to Article 16 of the Statute – as Auditor for the next three-year term.