Audited financial statements of
Zagrebačka banka dd
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 (GFI-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
In 2022 Zagrebačka banka dd realised profit after tax of HRK 1,791 million. This is HRK 217 million (-10.8%)lower than 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 dd 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.
Key performance indicators:
- Operating income: HRK 4,433 million
- Operating expenses: HRK 1,752 million
- Profit before impairment and other provisions: HRK 2,614 million
- Impairment and other provisions: HRK 492 million
- Loans and advances to customers: HRK 72,545 million
- Deposits from customers: HRK 122,333 million
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- Management report for the period from 1 January to 31 December 2022 (continued)
Operating income amounted to HRK 4,433 million, increased by HRK 26 million (+0.6%) Y/Y:
- Net interest income amounted to HRK 2,358 million, increased by HRK 183 million (+8.4%) Y/Y.
- Net fee and commission income amounted to HRK 1,216 million, increased by HRK 170 million (+16.3%).
- Net trading and other income and expenses amounted to HRK 859 million, decreased by HRK 327 million (-27.6%)Y/Y, mainly due to lower dividend income.
Operating expenses - at HRK 1,752 million, higher by HRK 181 million (+11.5%). Cost to income ratio equals to 39.52%.
Profit before impairment and other provisions amounted to HRK 2,614 million, lower by HRK 108 million (-4%)Y/Y, as a result of the previously described movements in Operating income and Operating expenses.
Impairment and other provisions - at HRK 492 million, changed by HRK 60 million.
Total assets of the Bank amounted to HRK 150,443 million, up by HRK 18 billion (+13.6%) BoY.
- Net loans and advances to customers amounted to HRK 72,545 million, increased by HRK 5.2 billion (+7.8%) due to increase in corporate and retail lending.
- Deposits from customers represent primary source of funding. They amounted to HRK 122,333 million, higher by HRK 15.1 billion (+14.1%) BoY, in retail and corporate deposits.
- Deposits from credit institutions at HRK 3,648 million, up by HRK 1,045 million (+50.7%) 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 dd | Δ 2022 vs 2021 | ||||||
Income statement (HRKm) | 2022 | 2021 | HRKm | % | |||
1 | 2 | 3 (1-2) | 4 (3/2) | ||||
Interest income | 2,627 | 2,432 | 195 | 8.0 % | |||
Interest expense | (269) | (257) | (12) | 4.7 % | |||
Net interest income | 2,358 | 2,175 | 183 | 8.4 % | |||
Fee and commission income | 1,503 | 1,280 | 223 | 17.4 % | |||
Fee and commission expense | (287) | (234) | (53) | 22.6 % | |||
Net fee and commission income | 1,216 | 1,046 | 170 | 16.3 % | |||
Net trading and other income and | 859 | 1,186 | (327) | (27.6 %) | |||
expenses | |||||||
Operating income | 4,433 | 4,407 | 26 | 0.6 % | |||
Operating expenses | (1,752) | (1,571) | (181) | 11.5 % | |||
Cash contributions to resolution funds | (67) | (114) | 47 | (41.2 %) | |||
and deposit guarantee schemes | |||||||
Profit before impairment and other | 2,614 | 2,722 | (108) | (4 %) | |||
provisions | |||||||
Impairment and other provisions | (492) | (432) | (60) | 13.9 % | |||
Profit before tax | 2,122 | 2,290 | (168) | (7.3 %) | |||
Income tax | (331) | (282) | (49) | 17.4 % | |||
Net profit | 1,791 | 2,008 | (217) | (10.8 %) | |||
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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 dd | 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 | 50,192 | 35,636 | 14,556 | 40.8 % | ||||||
banks and other demand deposits | ||||||||||
Obligatory reserve with the CNB | - | 6,121 | (6,121) | (100 %) | ||||||
Financial assets held for trading | 1,951 | 1,088 | 863 | 79.3 % | ||||||
Non-trading financial assets | ||||||||||
mandatorily at fair value through | 122 | 284 | (162) | (57.0 %) | ||||||
profit or loss | ||||||||||
Financial assets at fair value | ||||||||||
through other comprehensive | 4,882 | 9,824 | (4,942) | (50.3 %) | ||||||
income | ||||||||||
Financial assets at amortised cost: | 89,528 | 75,922 | 13,606 | 17.9 % | ||||||
Debt securities | 8,763 | 3,498 | 5,265 | 150.5 % | ||||||
Loans and advances to credit | 8,220 | 5,103 | 3,117 | 61.1 % | ||||||
institutions | ||||||||||
Loans and advances to | 72,545 | 67,321 | 5,224 | 7.8 % | ||||||
customers | ||||||||||
Tangible and intangible assets | 1,346 | 1,360 | (14) | (1.0 %) | ||||||
Investments in subsidiaries, joint | 1,479 | 1,513 | (34) | (2.2 %) | ||||||
ventures and associates | ||||||||||
Other assets | 943 | 697 | 246 | 35.3 % | ||||||
Total assets | 150,443 | 132,445 | 17,998 | 13.6 % | ||||||
Financial liabilities held for trading | 1,952 | 867 | 1,085 | 125.1 % | ||||||
Financial liabilities measured at | 126,425 | 110,270 | 16,155 | 14.65 % | ||||||
amortised cost: | ||||||||||
Deposits from credit institutions | 3,648 | 2,603 | 1,045 | 40.1 % | ||||||
Deposits from customers | 122,333 | 107,225 | 15,108 | 14.1 % | ||||||
Other financial liabilities | 444 | 442 | 2 | 0.5 % | ||||||
Provisions for risks and charges | 1,607 | 1,347 | 260 | 19.3 % | ||||||
Other liabilities | 1,344 | 935 | 409 | 43.7 % | ||||||
Total liabilities | 132,465 | 113,419 | 19,046 | 16.8 % | ||||||
Equity | 17,978 | 19,026 | (1,048) | (5.5 %) | ||||||
Total equity and liabilities | 150,443 | 132,445 | 17,998 | 13.6 % | ||||||
Rating | 31 December 2022 | |||||||||
Fitch Ratings Ltd. | Long Term Issuer Default Rating | BBB | ||||||||
Short Term Rating | F2 | |||||||||
Viability | bb+ | |||||||||
Support | WD | |||||||||
Shareholder Support | bbb | |||||||||
Outlook | Stable |
Zagreb, 28 February 2023
Chairman of the Management Board
Ivan Vlaho
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Zagrebacka banka dd published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2023 07:34:09 UTC.