Zagrebacka Banka
After taking second place last year, Zagrebacka Banka takes the prize this year following an impressive turnaround in a difficult year.
The bank, which had a decline in profits in 2001, reversed the downward trend in 2002, increasing profits by 52.97%. ROE also improved dramatically, rising to 15.24% from 10.63%.
Retail deposits climbed 20%, while total lending rose 33.4%. The bank’s ZB Invest unit also maintained its position as the country’s biggest asset manager with a 53% market share. The bank was involved in almost all major capital market transactions, including the E500m issue of Croatian government bonds and a E210m bond issue for BINA Istra.
Zagrebacka Banka’s internet banking platform, e-zaba, has been a success: about 30,000 of its clients are already using e-zaba for their payment transactions.
The bank continued its expansion into neighbouring Bosnia-Herzegovina last year, accumulating 21.3% of total bank assets in that market.
“Besides outstanding results, last year was marked by the beginning of a strategic partnership between Zagrebacka Banka and a consortium of UniCredito Italiano and Allianz AG,” said Nikola Kalinic, deputy board chairman of Zagrebacka Banka. “The strategic partnership will help us to improve the already commendable business performance by enhancing efficiency and the quality of products and services offered to our clients.”
