Unaudited financial statements of
Zagrebačka banka dd
for the period from 1 January to 30 June 2023
Content:
- Management report for the period from 1 January to 30 June 2023
- Statement of the persons responsible for the preparation of the financial statements
III. Financial statements (TFI-KI statements)
- General data as at 30 June 2023
- Balance sheet as at 30 June 2023
- Income statement for the period from 1 January to 30 June 2023
- Cash flow statement for the period from 1 January to 30 June 2023
- Statement of changes in equity for the period from 31 December 2022 to 30 June 2023
- Notes to the financial statements
- Management report for the period from 1 January to 30 June 2023
Zagrebačka banka dd realised profit after tax of EUR 217 million in the first half of 2023. This is EUR 96 million (79.3%) higher than in H1 2022.
Our operating income increased, cost management is disciplined. Capital and liquidity positions are strong, assets are covered with prudent loan provisions.
Zagrebačka banka dd is resilient and reliable. We are strongly connected with our community, providing support to the economy and the society in which we operate. We are doing this by financing most loans in the market, 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.
We are transforming our organization, culture, and ways of working to assure sustainability and guide capital reallocation towards economic activities which generate a positive overall impact, considering also the Environmental, Social and Governance (ESG) aspects.
We are striving to be the best employer possible, by supporting our employees through work-life balance, health, family support and other important initiatives.
Key performance indicators:
- Operating income: EUR 360 million
- Operating expenses: EUR 117 million
- Profit before impairment and other provisions: EUR 243 million
- Impairment and other provisions: EUR 19 million
- Loans and advances to customers: EUR 9,893 million
- Deposits from customers: EUR 15,978 million
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- Management report for the period from 1 January to 30 June 2023 (continued)
Operating income amounted to EUR 360 million, increased by EUR 86 million (+31.4%) Y/Y:
- Net interest income amounted to EUR 259 million, increased by EUR 116 million (+81.1%) Y/Y.
- Net fee and commission income amounted to EUR 79 million, at the same level Y/Y.
- Net trading and other income and expenses amounted to HRK 22 million, decreased by HRK 31 million (-58.5%)Y/Y, mainly due to lower dividend income and trading result.
Operating expenses at EUR 117 million, higher by EUR 10 million (+9.3%). Cost to income ratio equals to 32.5%.
Profit before impairment and other provisions amounted to EUR 243 million, higher by EUR 82 million (+50.9%) Y/Y, as a result of the previously described movements in Operating income and Operating expenses.
Impairment and other provisions write-back amounted to EUR 19 million, changed by EUR 36 million.
Total assets of the Bank amounted to EUR 19,497 million, lower by EUR 470 million (-2.4%) BoY.
- Net loans and advances to customers amounted to EUR 9,893 million, increased by EUR 264 million (+2.7%) due to increase in corporate and retail lending.
- Deposits from customers represent primary source of funding. They amounted to EUR 15,978 million, lower by EUR 258 million (-1.6%) BoY, mainly in corporate deposits.
- Deposits from credit institutions at EUR 297 million, down by EUR 187 million (-38.7%) BoY.
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Management report for the period from 1 January to 30 June 2023 (continued)
Financial results for the period from 1 January to 30 June 2023
Zagrebačka banka dd | Δ 2Q 2023 vs 2Q 2022 | |||||||
Income statement (EURm) | 2Q 2023 | 2Q 2022 | EUR m | % | ||||
1 | 2 | 3 (1-2) | 4 (3/2) | |||||
Interest income | 298 | 160 | 138 | 86.3 % | ||||
Interest expense | (39) | (17) | (22) | (129.4 %) | ||||
Net interest income | 259 | 143 | 116 | 81.1 % | ||||
Fee and commission income | 96 | 93 | 3 | 3.2 % | ||||
Fee and commission expense | (17) | (15) | (2) | (13.3 %) | ||||
Net fee and commission income | 79 | 78 | 1 | 1.3 % | ||||
Net trading and other income and | 22 | 53 | (31) | (58.5 %) | ||||
expenses | ||||||||
Operating income | 360 | 274 | 86 | 31.4 % | ||||
Operating expenses | (117) | (107) | (10) | (9.3 %) | ||||
Cash contributions to resolution funds | - | (6) | 6 | 100.0 % | ||||
and deposit guarantee schemes | ||||||||
Profit before impairment and other | 243 | 161 | 82 | 50.9 % | ||||
provisions | ||||||||
Impairment and other provisions | 19 | (17) | 36 | 211.8 % | ||||
Profit before tax | 262 | 144 | 118 | 81.9 % | ||||
Income tax | (45) | (23) | (22) | (95.7 %) | ||||
Net profit | 217 | 121 | 96 | 79.3 % | ||||
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- Management report for the period from 1 January to 30 June 2023 (continued)
Financial results for the period from 1 January to 30 June 2023 (continued)
Zagrebačka banka dd | Δ 2023 vs. 2022 | |||||||||||
Balance sheet (EURm) | 30 Jun 2023 | 31 Dec 2022 | EURm | % | ||||||||
1 | 2 | 3 (1-2) | 4 (3/2) | |||||||||
Cash, cash balances at central | 6,225 | 6,662 | (437) | (6.6 %) | ||||||||
banks and other demand deposits | ||||||||||||
Financial assets held for trading | 200 | 259 | (59) | (23.9 %) | ||||||||
Non-trading financial assets | ||||||||||||
mandatorily at fair value through | 19 | 16 | 3 | 17.3 % | ||||||||
profit or loss | ||||||||||||
Financial assets at fair value | ||||||||||||
through other comprehensive | 787 | 648 | 139 | 21.5 % | ||||||||
income | ||||||||||||
Financial assets at amortised cost: | 11,756 | 11,882 | (126) | (1.1 %) | ||||||||
Debt securities | 1,352 | 1,163 | 189 | 16.3 % | ||||||||
Loans and advances to credit | 511 | 1,091 | (580) | (53.2 %) | ||||||||
institutions | ||||||||||||
Loans and advances to | 9,893 | 9,629 | 264 | 2.7 % | ||||||||
customers | ||||||||||||
Tangible and intangible assets | 178 | 179 | (1) | (0.3 %) | ||||||||
Investments in subsidiaries, joint | 199 | 196 | 3 | 1.4 % | ||||||||
ventures and associates | ||||||||||||
Other assets | 133 | 125 | 8 | (6.2 %) | ||||||||
Total assets | 19,497 | 19,967 | (470) | (2.4 %) | ||||||||
Financial liabilities held for trading | 197 | 259 | (62) | (24.0 %) | ||||||||
Financial liabilities measured at | 16,821 | 16,930 | (109) | (0.6 %) | ||||||||
amortised cost: | ||||||||||||
Debt securities issued | 151 | 151 | - | - | ||||||||
Deposits from credit institutions | 297 | 484 | (187) | (38.7 %) | ||||||||
Deposits from customers | 15,978 | 16,236 | (258) | (1.6 %) | ||||||||
Other financial liabilities | 395 | 59 | 336 | 570.3 % | ||||||||
Provisions for risks and charges | 221 | 213 | 8 | 3.6 % | ||||||||
Other liabilities | 193 | 178 | 15 | 8.2 % | ||||||||
Total liabilities | 17,432 | 17,581 | (149) | (0.8 %) | ||||||||
Equity | 2,065 | 2,386 | (321) | (13.5 %) | ||||||||
Total equity and liabilities | 19,497 | 19,967 | (470) | (2.4 %) | ||||||||
Rating | 30 June 2023 | |||||||||||
Fitch Ratings Ltd. | Long Term Issuer Default Rating | BBB | ||||||||||
Short Term Rating | F2 | |||||||||||
Viability | bb+ | |||||||||||
Shareholder Support | bbb | |||||||||||
Outlook | Stable |
Zagreb, 25 July 2023
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Zagrebacka banka dd published this content on 25 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2023 12:20:44 UTC.