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ZAGREBACKA BANKA MAKES US25.4 MILLION NET PROFIT IN 1998

ZAGREBACKA BANKA MAKES US25.4 MILLION NET PROFIT IN 1998 ZAGREB, Apr 22 (Hina) - One of Croatia's largest banks, Zagrebacka Banka, concluded 1998 with a net profit of US$25.4 million, the bank reported on Thursday. The bank's supervisory committee will propose to the bank assembly to direct US$7.97 million into stock dividends, and to distribute US$17.4 million into bank reserves. Foreign investors increased their share in the bank from 39.7 percent to 42.8 percent. The bank's entire assets on December 31, 1998 totalled US$3.76 billion, which was 10.9 percent more than the year before; the credit holdings were 20.9 percent higher and citizens' loans 37.5 percent higher than in 1997. The citizens' deposits were increased by 24.3 percent in relation to 1997, while the entire deposits increased by 15.4 percent, totalling US$2.2 billion. Zagrebacka Banka's entire earnings totalled US$314 million, i.e. 10.4 percent more than in 1997. Operati
ZAGREB, Apr 22 (Hina) - One of Croatia's largest banks, Zagrebacka Banka, concluded 1998 with a net profit of US$25.4 million, the bank reported on Thursday. The bank's supervisory committee will propose to the bank assembly to direct US$7.97 million into stock dividends, and to distribute US$17.4 million into bank reserves. Foreign investors increased their share in the bank from 39.7 percent to 42.8 percent. The bank's entire assets on December 31, 1998 totalled US$3.76 billion, which was 10.9 percent more than the year before; the credit holdings were 20.9 percent higher and citizens' loans 37.5 percent higher than in 1997. The citizens' deposits were increased by 24.3 percent in relation to 1997, while the entire deposits increased by 15.4 percent, totalling US$2.2 billion. Zagrebacka Banka's entire earnings totalled US$314 million, i.e. 10.4 percent more than in 1997. Operating costs rose by 5.4 percent, in line with the inflation level which, the bank pointed out, was considerably less than in previous years. The bank's loan debt to banks in difficulties is insignificant and has been adequately insured. Zagrebacka Banka head of management Franjo Lucevic assessed 1998 as satisfactory. Recession is expected to continue this year, with a stagnating or receding gross national product, he said. (hina) ha jn

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