Bank Profits Continue to Fall

The amount of money that banks in Croatia are making continues to fall….

In the first quarter of 2014, profits before tax made by 30 banks operating in Croatia totaled 815.6 million kuna (107 million EUR), down 14.9%, or 143 million kuna (19 million EUR), from the same period last year, according to figures released by Croatian National Bank (HNB). The fall follows a disappointing 2013 for banks in the country, when profits were down a massive 73.1%.

Out of the total of 30 banks operating in the country, 11 banks recorded losses in the first quarter of 2014 to the combined tune of 41.9 million kuna (5.3 million EUR), whilst the other 19 all recorded profits before tax. Zagrebačka banka (ZABA) with 354.1 million kuna (46 million EUR) profit before tax for the quarter, was again the highest earner in Croatia, followed by Privredna banka Zagreb (208 million kuna), Raiffeisenbank Austria (142.1 million kuna) and Societe Generale – Splitska banka (50.3 million kuna).