Privredna Banka Zagreb (PBZ), Croatia's second largest bank, posted a net profit of 1.88 billion kuna (€252 million) in 2019, up by 36.2 percent from 2018 in its financial report released on Tuesday.

The management of the bank, owned by Italy’s Intesa Sanpaolo global financing firm, proposed paying out a dividend of 76.07 kuna (€10.2) per share. If approved, the payment of the proposed dividend is set for April 21. In 2018 the bank paid out a dividend of 72.58 (€9.7) per share.

The PBZ Group – which includes the bank and several daughter companies – reported a consolidated financial statement which showed a net profit of 1.74 billion kuna (€233 million) in 2019, or 1.05 percent up from 2018.

While PBZ posted a significant increase in net profits in 2019, its main competitor and Croatia’s largest bank, Zagrebacka Banka (Zaba) earlier this month reported a €209 million after-tax profit in 2019, or 15 percent down from 2018.

(€1 = 7.45 kuna)