PBZ nets HRK 193.2m in profits

Privredna Banka Zagreb (PBZ) finished 2015 with HRK 193.2 million in net profits, as against nearly HRK 643 million in 2014, as a result of the conversion of Swiss franc loans, PBZ said in a financial report on Monday.

The bulk of the net profit will be paid out for dividends in the amount of HRK 10.16 per share.

The bank reported HRK 987.8 million in losses due to the loan Swiss franc conversion, for which it set aside HRK 1.31 billion in loan loss provisions. The report says that 92.9 percent of clients who had taken out loans in Swiss francs opted for the conversion.

The conversion costs also impacted last year's results of PBZ Grupa. Consolidated net profit was HRK 365.4 million, as against over HRK 965 million in 2014.

In 2015, the group set aside EUR 1.49 billion for value adjustments and loan loss provisions, including a gross HRK 1.3 billion for loan conversions.


(EUR 1 = HRK 7.6)

Last update: Mon, 29/02/2016 - 19:25


More from Business

Bombardier announces 7,500 job cuts as part of restructuring

Canadian aircraft and train manufacturer Bombardier will cut a further 7,500 jobs as part of its ongoing...

Tobacco giant BAT makes 47-billion-dollar takeover bid for US rival

British American Tobacco Plc said on Friday it has offered some 47 billion dollars to acquire 57.8 per cent of...

ECB to hold rates, decides against extending bond-buying scheme

The European Central Bank left its key interest rates at historic lows on Thursday and left its 80-billion-euro-a-...

Nissan finishes purchase of 34-per-cent stake in Mitsubishi Motors

Nissan Motor has completed its purchase of a 34-per-cent stake in scandal-plagued Mitsubishi Motors for 237 billion...

EU seeks to strengthen trade defence measures as China threat looms

The European Commission proposed a new compromise Wednesday to protect EU industry against unfairly cheap imports,...