In the Q1 2022 Croatia's largest lender, Zagrebacka Banka (Zaba), generated 618 million kuna (€82 million) in profits after taxes, which is 201 million kuna (€27 million) or 48.1 percent up year-on-year, the bank reported on Wednesday.

Operating revenue amounted to 1.05 billion kuna or 4.7 percent up from Q1 2021. Net revenues from charging interest amounted to 529 million kuna, which is 6.4 percent down from the year before. This was “probably due to decreased net interest margins as a consequence of market trends,” the bank said in a press release.

Net revenues from fees and commissions amounted to 274 million kuna, up by 18.6 percent from last year. Operating costs remained unchanged from Q1 2021 and totaled 389 million kuna. The bank’s assets currently total 134.32 billion kuna (€17.8 billion), up by 1.4 percent or 1.8 billion kuna (€239 million) year-on-year.

Zagrebacka Banka is owned by the Italian UniCredit Group.

(€1 = 7.54 kuna)