Unaudited financial statements of
Zagrebačka banka Group
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 Group realised profit after tax of EUR 250 million in the first half of 2023. This is EUR 112 million (+81.2%) higher than in the same period in 2022.
Our operating income increased, cost management is disciplined. Capital and liquidity positions are strong, assets are covered with prudent loan provisions.
Zagrebačka banka Group 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.
Major contributors to Group result are Zagrebačka banka dd, UniCredit Bank dd Mostar and UniCredit Leasing Croatia doo.
Key performance indicators:
- Operating income: EUR 447 million
- Operating expenses: EUR 162 million
- Profit before impairment and other provisions: EUR 281 million
- Impairment and other provisions: EUR 18 million
- Loans and advances to customers: EUR 12,190 million
- Deposits from customers: EUR 18,911 million
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- Management report for the period from 1 January to 30 June 2023 (continued)
Operating income amounted to EUR 447 million, increased by EUR 105 million (+30.7%) Y/Y:
- Net interest income amounted to EUR 314 million, increased by EUR 126 million (+67.0%) Y/Y.
- Net fee and commission income amounted to EUR 104 million, increased by EUR 3 million (+3.0%).
- Net trading and other income and expenses amounted to EUR 29 million, decreased by EUR 24 million (-45.3%)Y/Y mainly due to lower trading result.
Operating expenses - at EUR 162 million, higher by EUR 12 million (+8.0%). Cost to income ratio equals to 36.24%.
Profit before impairment and other provisions amounted to EUR 281 million, higher by EUR 98 million (+53.6%) 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 18 million, changed by EUR 41 million.
Total assets of the Group amounted to EUR 23,379 million, lower by EUR 281 million (-1.2%) BoY.
- Net loans and advances to customers amounted to EUR 12,190 million, increased by EUR 389 million (+3.3%) due to increase in corporate and retail lending.
- Deposits from customers represent primary source of funding. They amounted to EUR 18,911 million, lower by EUR 147 million (-0.8%) BoY mainly in corporate deposits.
- Deposits from credit institutions at EUR 785 million, lower by EUR 152 million (-16.2%) 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 Group | Δ 2Q 2023 vs 2Q 2022 | ||||||||
Income statement (EURm) | 2Q 2023 | 2Q 2022 | EURm | % | |||||
1 | 2 | 3 (1-2) | 4 (3/2) | ||||||
Interest income | 360 | 209 | 151 | 72.2 % | |||||
Interest expense | (46) | (21) | (25) | 119.0 % | |||||
Net interest income | 314 | 188 | 126 | 67.0 % | |||||
Fee and commission income | 122 | 117 | 5 | 4.3 % | |||||
Fee and commission expense | (18) | (16) | (2) | 12.5 % | |||||
Net fee and commission income | 104 | 101 | 3 | 3.0 % | |||||
Net trading and other income and expenses | 29 | 53 | (24) | (45.3 %) | |||||
Operating income | 447 | 342 | 105 | 30.7 % | |||||
Operating expenses | (162) | (150) | (12) | 8.0 % | |||||
Cash contributions to resolution funds and | (4) | (9) | 5 | 55.6 % | |||||
deposit guarantee schemes | |||||||||
Profit before impairment and other provisions | 281 | 183 | 98 | 53.6 % | |||||
Impairment and other provisions | 18 | (23) | 41 | (178.3 %) | |||||
Profit from operations | 299 | 160 | 139 | 86.9 % | |||||
Share of profit from associates | 2 | 2 | - | 0.0 % | |||||
Profit from discontinued operations | - | 3 | (3) | (100.0 %) | |||||
Profit before tax | 301 | 165 | 136 | 82.4 % | |||||
Income tax | (51) | (27) | (24) | (88.9 %) | |||||
Net profit | 250 | 138 | 112 | 81.2 % | |||||
Attributable to equity holders of the Bank | 250 | 138 | 112 | 81.2 % | |||||
Attributable to non-controlling interests | - | - | - | 0.0 % | |||||
Net profit | 250 | 138 | 112 | 81.2 % |
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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 Group | 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 banks and other | 6,775 | 7,152 | (377) | (5.3 %) | |||||
demand deposits | |||||||||
Financial assets held for trading | 206 | 265 | (59) | (22.3 %) | |||||
Non-trading financial assets mandatorily at fair | 19 | 16 | 3 | 18.8 % | |||||
value through profit or loss | |||||||||
Financial assets at fair value through other | 1,081 | 996 | 85 | 8.5 % | |||||
comprehensive income | |||||||||
Financial assets at amortised cost: | 14,730 | 14,692 | 38 | 0.3 % | |||||
Debt securities | 1,438 | 1,194 | 244 | 20.4 % | |||||
Loans and advances to credit institutions | 1,102 | 1,697 | (595) | (35.1 %) | |||||
Loans and advances to customers | 12,190 | 11,801 | 389 | 3.3 % | |||||
Tangible and intangible assets | 371 | 346 | 25 | 7.2 % | |||||
Investments in subsidiaries. joint ventures and | 20 | 11 | 9 | 81.8 % | |||||
associates | |||||||||
Other assets | 177 | 182 | (5) | (2.7 %) | |||||
Total assets | 23,379 | 23,660 | (281) | (1.2 %) | |||||
Financial liabilities held for trading | 197 | 259 | (62) | (23.9 %) | |||||
Financial liabilities measured at amortised cost: | 20,252 | 20,220 | 32 | 0.2 % | |||||
Debt securities issued | 151 | 151 | 0 | 0.0 % | |||||
Deposits from credit institutions | 785 | 937 | (152) | (16.2 %) | |||||
Deposits from customers | 18,911 | 19,058 | (147) | (0.8 %) | |||||
Other financial liabilities | 405 | 74 | 331 | 447.3 % | |||||
Provisions for risks and charges | 245 | 238 | 7 | 2.9 % | |||||
Other liabilities | 284 | 258 | 26 | 10.1 % | |||||
Total liabilities | 20,978 | 20,975 | 3 | 0.0 % | |||||
Equity | 2,401 | 2,685 | (284) | (10.6 %) | |||||
Total equity and liabilities | 23,379 | 23,660 | (281) | (1.2 %) |
Zagreb, 25 July 2023
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Zagrebacka banka dd published this content on 24 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2023 12:08:31 UTC.