Zagrebacka Bank hits €509mn record profit in 2023

By bne IntelliNews February 27, 2024

The Zagrebacka Bank Group announced a record profit of €509mn in 2023, marking an increase of €261mn (105.2%) year on year, the Bank said in its press release on February 26.

The rise is attributed to growth across key business segments, disciplined cost management, and a leading market position. The bank reported robust capital and liquidity, with assets adequately covered by loan provision.

The financial performance is supported by operational metrics: operating income reached €959mn, while operating costs amounted to €333mn. Before factoring in value adjustments and provisions for losses, the Group achieved an operating profit of €611mn. Costs for value adjustments and provisions for losses stood at €1mn.

The Bank also provided financial support to the economy, with loans and advances to clients totalling €12,6mn and customer deposits amounting to €20mn.

“The bank focus on simplifying and digitising its organisation and processes to ensure sustainability. We aim to promote the green transition and direct funds towards activities with positive environmental, social and governance (ESG) impacts,” the Bank said.

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