March 12, 2018 / 11:01 AM / 6 months ago

French central bank to pay dividend, tax of 5 bln euros for 2017

PARIS, March 12 (Reuters) - The Bank of France said on Monday that it would pay a total of five billion euros in corporate tax and dividends to the French state after the European Central Bank’s bond buying programme boosted earnings.

The French central bank reported a pre-tax profit of 6.0 billion euros ($7.4 billion), up 8.3 percent from 2016 as total assets on its balance sheet rose 25 percent last year.

As a result, the Bank of France would pay corporate tax of 2.69 billion euros and a dividend of 2.3 billion euros to the French government.

The Bank of France said the increase in its balance sheet had not come at the cost of more risk since most of the assets purchased were French government bonds. Therefore, it decided to leave its general risk provision fund at eight billion euros.

$1 = 0.8126 euros Reporting by Leigh Thomas; Editing by Sudip Kar-Gupta

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