Zagrebacka banka (ZABA) Q2 2024 earnings summary

Executive summary

• Net profit after tax reached €305 million for H1 2024, up €55 million (+22.0%) year-over-year, reflecting strong sustainable growth and market leadership in key business segments.

• Operating income rose to €517 million, a 15.7% increase year-over-year, with notable growth in net interest income and fee income.

• Operating costs increased by 4.9% to €170 million, demonstrating operational efficiency with a cost-to-income ratio of 32.88%.

• The group maintains a robust capital and liquidity position, with a resilient and well-provisioned loan portfolio.

Financial highlights

• Net interest income: €362 million, up €48 million (+15.3%) year-over-year.

• Net fee and commission income: €115 million, up €11 million (+10.6%) year-over-year.

• Trading and other income: €40 million, up €11 million (+37.9%) year-over-year.

• Operating profit before impairments and provisions: €343 million, up €62 million (+22.1%) year-over-year.

• Total assets: €24,535 million, down €57 million (-0.2%) from year-end 2023.

• Net loans to customers: €13,456 million, up €808 million (+6.4%) from year-end 2023.

• Customer deposits: €19,833 million, down €233 million (-1.2%) from year-end 2023.

Outlook and guidance

• The group continues to focus on sustainable growth, digital transformation, and ESG ambitions, supporting economic activities with positive environmental, social, and governance impact.

• Ongoing efforts to simplify and digitalize operations aim to ensure long-term sustainability.