The profit of Privredna banka Zagreb (PBZ) after taxation in the first half of this year amounts to 343 million kuna, which is 34.2% lower compared to the same period last year, according to the financial report of PBZ published on the Zagreb Stock Exchange.
As stated by PBZ’s management, the most significant change compared to last year is in the segment of other operating income, as most members of the PBZ group did not pay dividends to PBZ, as was the case last year. Thus, other operating income is lower due to the unpaid dividend, which amounted to 114 million kuna in the first half of last year.
Net interest income of PBZ in the first half of the year amounted to 936.6 million kuna, which is 4.4% higher year-on-year. Total interest income fell simultaneously by 12.7%, which, as stated in the report, was most influenced by lower income from companies and financial institutions. Total interest expenses also fell by 27.6% to 751.6 million kuna, with the reduction in expenses being most visible in interest expenses to financial institutions.
Net income from fees and commissions amounted to 240.9 million kuna, an increase of 20.5%. Costs of asset adjustments and provisions for losses amount to 165.5 million kuna, which is at the level of last year’s allocation. The bank’s assets at the end of June amounted to 63.3 billion kuna, which is a decrease of 1.9% compared to the end of 2009.
The largest part of the assets consists of loans to clients, accounting for 67.6%, cash and deposits with the Croatian National Bank accounting for 13.5%, and deposits with other banking institutions with a share of 9.2%. The PBZ Group, on the other hand, operated in the first half of this year with a net profit of 493.3 million kuna, which is lower by nine million kuna or 1.8% compared to the same period last year. (H)
