European Central Bank profits over $1.8B in 2018

By Gokhan Ergocun</p> <p>ISTANBUL (AA) – The European Central Bank (ECB) said on Thursday that its profit surged to €1.57 billion ($1.85 billion) in 2018.</p> <p>The bank's profit rose by €300 million ($354 million) last year, compared to 2017, a press release by the bank read. </p> <p>Meanwhile, the ECB's balance sheet reached €447 billion ($527.46 billion) as of the end of 2018, up 8 percent from 2017.</p> <p>The bank's interest incomes rose by 25.6 percent to total €2.3 billion ($2.7 billion) year-on-year in 2018, it said.</p> <p>During the year, average the euro/U.S. dollar exchange rate was 1.18, according to the Turkish Central Bank.