The Croatian Postal Bank (HPB) earned HRK 164.9 million in net profit in the first nine months of 2020, down by 3,2% compared with the corresponding period of 2019, its financial statement released on the Zagreb Stock Exchange showed on Friday.

Net profit fell in comparison to the same period last year due to a decline in business revenue, the report notes.

The bank added that the operating profit was HRK 225.7 million, down 20.5% year-on-year, due to a decline in operating income mostly as a result of the impact of the Covid-19 epidemic which increased the bank’s costs.

Operating income decreased by six percent to HRK 604.1 million while operating costs increased by 5.5% to HRK 378.4 million.