Zagreb Bank Reveals How Much Its Management Earns

As the profitability of Croatian banks increases, so do the salaries of their top executives. The leading bank in the country, Zagreb Bank, has announced a call for the annual general meeting of shareholders to be held on December 13, where the report on the earnings of the Management Board and Supervisory Board members for the past year will be discussed. The report shows that the CEO Ivan Vlaho earned a gross amount of 2.45 million kuna in fixed salary last year, which includes the annual salary, Christmas bonus, vacation allowance, and transportation compensation.

His deputy Dalibor Ćubela was paid just over two million kuna, while the fixed gross salaries of Management Board members Jasna Mandac, Slaven Rukavina, Spas Blagovestov Vidarkinsky, Gianluca Totaro, and Pavel Vinter range between 1.21 and 1.49 million kuna. The smallest amount was paid to Management Board member Tatjana Antolić Jasnić, 879.178 kuna. The Management Board of Zaba is also entitled to other fixed income, which includes the use of a company car for private purposes, supplementary health insurance, contributions to a voluntary pension fund, life insurance, part of the income and mandatory contributions for workers dispatched from other countries paid by their home countries, and other in-kind benefits.

On this basis, Ivan Vlaho received an additional 2.51 million kuna, and Dalibor Ćubela 2.25 million kuna. Over one million kuna was paid to Pavel Vinter (1.51 million kuna), Gianluca Totaro (1.26 million kuna), and Spas Vidarkinsky (1.2 million kuna).

Croatian members earned less – Tatjana Antolić Jasnić received 584,000 kuna, Jasna Mandac 328,000 kuna, and Slaven Rukavina nearly 200,000 kuna. If we add the first installment of the cash bonus for 2021, Ivan Vlaho earned a total of 5.19 million kuna last year, while Dalibor Ćubela earned 4.86 million kuna. Vinter, Totaro, and Vidarkinsky were paid between 2.76 and 2.93 million kuna, while the total earnings of Rukavina, Mandac, and Antolić Jasnić ranged between 1.53 and 1.65 million kuna.

A comparison with the report for 2021 reveals that the fixed salaries of Zaba’s top executives have significantly increased. The then-CEO Romeo Colina, whose term ended on August 31, 2021, received a fixed amount of 2.1 million kuna. Ivan Vlaho took over the helm of Croatia’s largest bank on September 1, 2021, and for that year, he was paid over 728,000 kuna. Dalibor Ćubela served as deputy CEO throughout 2021 and was paid 1.71 million kuna. In other words, last year he received a fixed salary that was 17 percent higher than in 2021.

23 times higher salary

Regarding the established bonus for the past year, Ivan Vlaho is entitled to a total of three million kuna, while Dalibor Ćubela is entitled to 2.56 million kuna. In comparison, Romeo Colina had the right to a two million kuna bonus for 2021, Vlaho to 853,000 kuna, and Dalibor Ćubela to 2.33 million kuna. Spas Vidarkinsky and Slaven Rukavina are entitled to bonuses of 1.28 and 1.05 million kuna for 2022, respectively. The established bonus for Pavel Vinter, Jasna Mandac, and Gianluca Totaro ranges between 828,000 and 941,000 kuna, while the smallest amount – 621,000 kuna – belongs to Tatjana Antolić Jasnić.

The payment of part of the bonus was carried out through the allocation of shares of Zagreb Bank, with the largest package of 4,087 shares worth 265,123 kuna received by Dalibor Ćubela. Following him is Spas Vidarkinsky with a package of 3,057 shares worth 198,000 kuna, while in third place is Slaven Rukavina with 2,305 shares worth 149,000 kuna. Ivan Vlaho received 1,494 shares that were worth nearly 97,000 kuna at the time on the stock exchange, while Pavel Vinter was allocated 1,208 shares worth 78,000 kuna. Gianluca Totaro received 950 shares (61,000 kuna), Jasna Mandac 802 shares (52,000 kuna), and Tatjana Antolić Jasnić 533 shares (34,000 kuna).

The total average annual salary at Zagreb Bank last year was 229,053 kuna, which means that the salary of the CEO is almost 23 times higher, and that of his deputy 21 times higher. For illustration, the difference for the CEO a year earlier was just under 18 times, but it should be noted that the then-CEO Romeo Colina was not in that position for the entire year of 2021. However, the total earnings of Dalibor Ćubela, whose term lasted the entire 2021, exceeded the then-average of 206,852 kuna by almost 25 times.

Let us remind you that Zagreb Bank achieved revenue of 4.41 billion kuna last year, slightly more than the previous year. The net profit of 1.79 billion kuna was nearly 11 percent lower.