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Norges Bank made a profit of NOK 23 billion in 2021 against a profit of NOK 29 billion in 2020. NOK 11 billion will be paid to the state as a dividend.
Norges Bank presented the annual report and financial statements for 2021. In addition to the annual report for 2021, the annual report includes the annual report of the Management Board, the annual report of the Monetary Policy and Financial Stability Committee and an overview of Norges Bank's work in the field of sustainable development.
In 2021, Norges Bank achieved a profit of NOK 23 billion. Capital investment recorded another year of solid growth despite the ongoing pandemic. Rising interest rates in several economies have contributed to losses in fixed-income investments. Total income from financial instruments amounted to NOK 24 billion, incl currency loss 0,3 billion NOK. Norges Bank's annual financial reports include the financial reporting of the Global Government Pension Fund (SPU). SPU achieved a total result of NOK 1 billion, which consists of a portfolio result of NOK 551 billion less management fees of NOK 1 billion.
Foreign exchange reserves at the end of 2021 amounted to NOK 643 billion
The market value of foreign exchange reserves at the end of 2021 was NOK 643 billion, an increase of around NOK 47 billion from the end of 2020. Foreign exchange reserves are mainly invested in government bonds and listed equities, as well as cash investments.
The return on foreign exchange reserves, excluding the petrobuffer portfolio, was 2021% in 3,8. measured in international currencies. Equity investments yielded 25,1% and fixed income investments -1,5%.
Operating expenses were NOK 5,9 billion in 2021, down from NOK 6,5 billion in 2020. The cost reduction is mainly due to lower fees for external SPU managers and lower personnel costs. Of the total operating costs in 2021, NOK 4,6 billion was related to the management of the Government Pension Fund Global, compared to NOK 5,3 billion in 2020.
Profit of NOK 23 billion
The total result for 2021 is a profit of NOK 23 billion. Equity, after allocations, amounted to NOK 289 billion at the end of the year. According to the current guidelines, NOK 2022 billion will be allocated to the State Treasury in the first quarter of 11.
Source: Norges Bank
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