Consolidated Half-Year Profit of Zagrebačka Banka €305 Million

Zagrebačka banka (Zaba) achieved a consolidated profit after tax of €305 million in the first half of the year, which is €55 million or 22 percent more compared to the first half of last year, Zaba reported on Tuesday.

Zaba’s half-year operating income amounts to €517 million, an increase of €70 million year-on-year.

Net interest income of €362 million is up by €48 million or 15.3 percent, while net fee and commission income amounts to €115 million, which is an increase of €11 million or 10.6 percent compared to the first half of last year.

Net trading income and other income and expenses amount to €40 million, an increase of €11 million or 38 percent.

Operating expenses amount to €170 million, an increase of €8 million or 4.9 percent compared to the first half of last year.

Profit from operations before value adjustments and provisions for losses amounts to €343 million.

The total assets of the Zagrebačka Bank Group amount to €24.5 billion, a decrease of €57 million or 0.2 percent year-on-year.

Net loans and advances to customers amount to €13.5 billion. An increase of €808 million (+6.4 percent) was achieved in loans to households and legal entities.

Customer deposits amount to €19.8 billion. A decrease of €233 million (-1.2 percent) was recorded in deposits from legal entities and households. Deposits from credit institutions amount to €884 million, an increase of €218 million or 32.7 percent.

– We have achieved excellent results and confirmed quality sustainable growth in key business segments and a leading market position. Operating income has increased, and expenses indicate operational excellence. The capital and liquidity position is strong, and the loan portfolio is resilient and sufficiently covered by provisions – they say at Zaba.

Notice of Intention to Issue Bonds

Zaba also reported on Tuesday that it intends to initiate the issuance of long-term bonds for allocation as a supplementary capital instrument, in the amount of up to €160 million, with a targeted maturity in 2034.

The allocation of issued bonds as a supplementary capital instrument is subject to the approval of the relevant regulator. The issued bonds will be fully subscribed by UniCredit and will not be listed upon issuance on any regulated market.