The Bank of England achieved “favourable outcomes” on both income and costs in the 2017–18 fiscal year, leading to larger profits than the central bank had planned for, according to Court minutes published on April 25.

The Court, the BoE’s oversight body, said pre-tax profit was likely to be £146 million ($201 million), or £31 million ahead of budget. It proposed paying a dividend of £34 million to the government.

Costs came in lower than expected due to less spending on staff costs and legal