Net profit of Privredna banka Zagreb (PBZ) as of September 30, 2008, amounts to 869.3 million kuna, which is 6.1 percent higher compared to the same period in 2007, according to the financial report submitted by OBZ to the Zagreb Stock Exchange today.
The reported result was achieved through higher net interest income as well as improvements in net income from fees and commissions. The recorded growth of these revenues, compared to the previous year, was 14.5 percent and 7.1 percent, respectively. Additionally, in the section of other income, Privredna banka Zagreb recorded an increase in dividend income, which at the end of the third quarter amounted to 202 million kuna. The bank’s assets at the end of the period amount to 60.9 billion kuna, which is the same level as at the end of 2007. At the same time, capital and reserves increased by 10.4 percent to a total of 8.7 billion kuna, while in terms of funding sources, we note an increase in client deposits of 733 million kuna compared to the previous year.
In the bank’s total income, the largest contribution to growth was achieved from interest income, with a slightly smaller contribution from other non-interest income. The retail banking segment continues to represent the largest part of net interest income. In this segment, income of 1.42 billion kuna was achieved, representing an increase of 19.2 percent compared to the period at the end of the third quarter of 2007. The bank also reports an 18 percent increase in interest income from legal entities compared to 2007. In the non-interest income section, PBZ recorded the largest increase in income from payment transactions, income from asset management fees, and income from the sale of other banking and non-banking products.
