The Bank of Korea(BOK) has posted its biggest net profit in 16 years. 

The central bank said on Friday that its net profit last year was tallied at three-trillion-964 billion won. It marks an increase of 568-point-one billion won from a year earlier and is the second highest net profit logged in the bank’s history following a record high level set in 2001 at four-point-two trillion won. 

Its gross earnings last year dropped by one-trillion-657-point-five billion won from a year earlier but the total cost declined more sharply to seven-trillion-79-point-nine billion won, down by two-trillion-522 billion won from 2016. 

The lowered cost is attributed to low interest rates in the nation that led to a decrease in the bank’s cost of currency management, including payment of interest for monetary stabilization bonds.