PRIVREDNA BANKA ZAGREB MORE THAN DOUBLES NET PROFIT IN 2000

ZAGREB, Feb 28 (Hina) - The Privredna banka Zagreb (PBZ) Group last year more than doubled its net profit as against 1999, bringing it to 406 million kuna (approx. $48.3 million), of which 379 million is the bank's profit, PBZ said on Wednesday. According to PBZ, 2000 was very successful in all business segments for both the bank and the group, which is part of Italy's Gruppo Intesa. Last year marked a record increase in citizens' and companies' savings, 43.16 percent for the bank and 40.57% for the group. Loans also marked an increase, 14.7% in those granted companies and 57.23 to citizens. The year 2000 was also characterised by the financing of export, particularly in shipbuilding. In December, PBZ assumed controlling interest in Cakovec-based Medjimurska banka in view of developing regional potential and further strengthening the PBZ Group's position on the local market. PBZ explains the positive business results were also the result of saving achieved through cutting costs and the fact that the ratio of business costs in the bank's total earning was 52.67 percent. The PBZ Group augmented its market share to presently more than 20 percent in the Croatian banking sector's total assets. (hina) ha