Unaudited financial statements of
Zagrebačka banka Group
for the period from 1 January to 31 December 2022
Content:
- Management report for the period from 1 January to 31 December 2022
- Statement of the persons responsible for the preparation of the financial statements
III. Financial statements (TFI-KI statements)
- General data as at 31 December 2022
- Balance sheet as at 31 December 2022
- Income statement for the period from 1 January to 31 December 2022
- Cash flow statement for the period from 1 January to 31 December 2022
- Statement of changes in equity for the period from 31 December 2021 to 31 December 2022
- Notes to the financial statements
- Management report for the period from 1 January to 31 December 2022
Zagrebačka banka Group realised profit after tax of HRK 1,871 million in 2022. This is HRK 372 million (+24.8%) higher than in the same period in 2021.
Our operating income increased. Inflation pressure on costs was well managed. Capital and liquidity positions are strong, assets are covered with prudent loan provisions.
The purpose we declare as part of the UniCredit Group is to empower our communities to progress, to provide support to the economy and the society in which we operate. We are doing this by financing most loans in the market we operate, by investing in optimal user experiences as well as in the security of our solutions, by maintaining the robust payment infrastructure and offering the wide scale of services to companies and citizens.
Zagrebačka banka Group is resilient and reliable. Just recently we re-confirmed so at one of the most demanding projects, the conversion to euro in Croatia. We were the first amongst our peers to finish adjusting our systems and go live seamlessly, promptly enabling full availability of services to our clients.
We aim to integrate sustainability into our strategies and guide capital reallocation towards economic activities which generate a positive overall impact.
We are striving to be the best employer possible, by supporting our employees through work-life balance, health, family support and other important initiatives.
We invest in talents and grow our corporate culture based on values of integrity, ownership and caring.
Major contributors to Group result are Zagrebačka banka dd, UniCredit Bank dd Mostar and UniCredit Leasing Croatia doo.
Key performance indicators:
- Operating income: HRK 5,264 million
- Operating expenses: HRK 2,420 million
- Profit before impairment and other provisions: HRK 2,727 million
- Impairment and other provisions: HRK 504 million
- Loans and advances to customers: HRK 88,917 million
- Deposits from customers: HRK 143,591 million
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- Management report for the period from 1 January to 31 December 2022 (continued)
Operating income amounted to HRK 5,264 million, increased by HRK 555 million (+11.8%) Y/Y:
- Net interest income amounted to HRK 3,054 million, increased by HRK 235 million (+8.3%) Y/Y.
- Net fee and commission income amounted to HRK 1,563 million, increased by HRK 192 million (+14.0%).
- Net trading and other income and expenses amounted to HRK 647 million, increased by HRK 128 million (+24.6%) Y/Y, mainly higher trading result and other income.
Operating expenses - at HRK 2,420 million, higher by HRK 194 million (+8.7%). Cost to income ratio equals to 45.97%.
Profit before impairment and other provisions amounted to HRK 2,727 million, higher by HRK 406 million (+17.5%) Y/Y, as a result of the previously described movements in Operating income and Operating expenses.
Impairment and other provisions - at HRK 504 million, at the same level.
Total assets of the Group amounted to HRK 178,266 million, up by HRK 19.8 billion (+12.5%) BoY.
- Net loans and advances to customers amounted to HRK 88,917 million, increased by HRK 7.2 billion (+8.9%) due to increase in corporate and retail lending.
- Deposits from customers represent primary source of funding. They amounted to HRK 143,591 million, higher by HRK 16,187 million (+12.7%) BoY, in retail and corporate deposits.
- Deposits from credit institutions at HRK 7,058 million, up by HRK 2.1 billion (+40.9%) BoY.
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Management report for the period from 1 January to 31 December 2022 (continued)
Financial results for the period from 1 January to 31 December 2022
Zagrebačka banka Group | Δ 2022 vs 2021 | |||||||
Income statement (HRKm) | 2022 | 2021 | HRKm | % | ||||
1 | 2 | 3 (1-2) | 4 (3/2) | |||||
Interest income | 3,407 | 3,177 | 230 | 7.2 % | ||||
Interest expense | (353) | (358) | 5 | (1.4 %) | ||||
Net interest income | 3,054 | 2,819 | 235 | 8.3 % | ||||
Fee and commission income | 1,870 | 1,625 | 245 | 15.1 % | ||||
Fee and commission expense | (307) | (254) | (53) | 20.9 % | ||||
Net fee and commission income | 1,563 | 1,371 | 192 | 14.0 % | ||||
Net trading and other income and expenses | 647 | 519 | 128 | 24.6 % | ||||
Operating income | 5,264 | 4,709 | 555 | 11.8 % | ||||
Operating expenses | (2,420) | (2,226) | (194) | 8.7 % | ||||
Cash contributions to resolution funds and | (117) | (162) | 45 | (27.8 %) | ||||
deposit guarantee schemes | ||||||||
Profit before impairment and other provisions | 2,727 | 2,321 | 406 | 17.5 % | ||||
Impairment and other provisions | (504) | (505) | 1 | (0.2 %) | ||||
Profit from operations | 2,223 | 1,816 | 407 | 22.4 % | ||||
Share of profit from associates | 24 | 28 | (4) | (14.3 %) | ||||
Profit from discontinued operations | 22 | - | 22 | 100.0 % | ||||
Profit before tax | 2,269 | 1,844 | 425 | 23.0 % | ||||
Income tax | (398) | (345) | (53) | 15.4 % | ||||
Net profit | 1,871 | 1,499 | 372 | 24.8 % | ||||
Attributable to equity holders of the Bank | 1,869 | 1,496 | 373 | 24.8 % | ||||
Attributable to non-controlling interests | 2 | 3 | (1) | 0.0 % | ||||
Net profit | 1,871 | 1,499 | 372 | 24.8 % |
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- Management report for the period from 1 January to 31 December 2022 (continued)
Financial results for the period from 1 January to 31 December 2022 (continued)
Zagrebačka banka Group | Δ 2022 vs. 2021 | ||||||||
Balance sheet (HRKm) | 31 Dec 2022 | 31 Dec 2021 | HRKm | % | |||||
1 | 2 | 3 (1-2) | 4 (3/2) | ||||||
Cash, cash balances at central banks and other | 53,883 | 38,700 | 15,183 | 39.2 % | |||||
demand deposits | |||||||||
Obligatory reserve with the CNB | 0 | 6,121 | (6,121) | (100.0 %) | |||||
Financial assets held for trading | 1,995 | 1,092 | 903 | 82.7 % | |||||
Non-trading financial assets mandatorily at fair | 122 | 286 | (164) | (57.3 %) | |||||
value through profit or loss | |||||||||
Financial assets at fair value through other | 7,505 | 12,850 | (5,345) | (41.6 %) | |||||
comprehensive income | |||||||||
Financial assets at amortised cost: | 110,695 | 95,345 | 15,350 | 16.1 % | |||||
Debt securities | 8,995 | 3,498 | 5,497 | 157.1 % | |||||
Loans and advances to credit institutions | 12,783 | 10,178 | 2,605 | 25.6 % | |||||
Loans and advances to customers | 88,917 | 81,669 | 7,248 | 8.9 % | |||||
Tangible and intangible assets | 2,610 | 2,529 | 81 | 3.2 % | |||||
Investments in subsidiaries. joint ventures and | 86 | 86 | 0 | 0.0 % | |||||
associates | |||||||||
Other assets | 1,370 | 1,492 | (122) | (8.2 %) | |||||
Total assets | 178,266 | 158,501 | 19,765 | 12.5 % | |||||
Financial liabilities held for trading | 1,952 | 867 | 1,085 | 125.1 % | |||||
Financial liabilities measured at amortised cost: | 152,346 | 132,927 | 19,419 | 14.6 % | |||||
Debt securities issued | 1,137 | 0 | 1,137 | 100.0 % | |||||
Deposits from credit institutions | 7,058 | 5,009 | 2,049 | 40.9 % | |||||
Deposits from customers | 143,591 | 127,404 | 16,187 | 12.7 % | |||||
Other financial liabilities | 560 | 514 | 46 | 8.9 % | |||||
Provisions for risks and charges | 1,794 | 1,481 | 313 | 21.1 % | |||||
Other liabilities | 1,943 | 1,901 | 42 | 2.2 % | |||||
Total liabilities | 158,035 | 137,176 | 20,859 | 15.2 % | |||||
Equity | 20,231 | 21,325 | (1,094) | (5.1 %) | |||||
Total equity and liabilities | 178,266 | 158,501 | 19,765 | 12.5 % |
Zagreb, 22 February 2023
Chairman of the Management Board
Ivan Vlaho
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Zagrebacka banka dd published this content on 22 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2023 08:06:09 UTC.