Hrvatska poštanska banka (HPB) achieved a net profit of 73.6 million euros in 2024, which is seven million euros or 8.7 percent less than the previous year, according to the bank’s financial report.
Operating profit, on the other hand, increased by 20.1 million euros or 21.9 percent, to 111.8 million euros. Meanwhile, operating revenues amounted to 221.3 million euros, which is 38 million euros or 20.7 percent higher year-on-year. On the other hand, the increase in employee costs due to the integration of Nova hrvatska banka in mid-2023 and the increase in material rights during 2024, along with inflationary pressures on labor and service prices, resulted in an increase in operating costs by 18 million euros or 19.6 percent, to 109.5 million euros.
As the bank emphasizes, the main driver of the achieved operating profit was net interest income, which recorded a significant annual increase of 32 million euros or 22 percent, thanks to a higher volume of liquid assets and an average higher reference interest rate on deposits with central banks.
Net income from fees and commissions increased by six million euros or 21 percent, which is the effect of higher revenues in the retail segment and cost savings in the card business and Fine segments, HPB stated.
Total assets as of the last day of 2024 amounted to 7.9 billion euros, which is an increase of 836 million euros or 11.9 percent compared to the end of 2023.
Among other things, HPB reported a growth in the deposit base of 13.7 percent, which reached 6.7 billion euros by the end of 2024, as well as a historically lowest share of non-performing loans (NPL) in the loan portfolio, at three percent, “bringing the bank closer to the average of credit institutions in Croatia.”
No longer at a crossroads
On the occasion of the announcement of the annual financial results, the CEO of HPB, Marko Badurina, stated that the previous year marked a significant turning point in the growth and development of the business.
– With an agile approach to market opportunities, we achieved record growth and profitability and entered the top five largest banks in Croatia for the first time. We have strengthened HPB’s market position, especially in the area of operating profit and income, and the bank’s profitability remains above average compared to achievements from previous periods – emphasized Badurina.
He also stated that HPB is no longer “at a crossroads” but continues to achieve successes outlined in the growth and profitability strategy. – In 2025, the focus remains on further strengthening the market position, through innovations, intensifying digital improvements and solutions, and business steps that ensure long-term sustainability and competitive advantage – said Badurina.
According to data from the consolidated financial report, the HPB group, which includes the parent bank, HPB Invest, and HPB-nekretnine, achieved a net profit of 73.5 million euros. Meanwhile, the net profit of the parent company amounts to the aforementioned 73.6 million euros, HPB Invest recorded a net loss of 64.1 thousand euros, and HPB-Nekretnine a net loss of 32.3 thousand euros.
