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Tuesday, September 2, 2008

Domestic banks’ aggregate net profit grows by 29% y/y in Jan-Jul.





Domestic banks’ aggregate net profit grows by 29% y/y in Jan-Jul. The aggregate profit of the domestic commercial banks increased significantly by 29% y/y to HRK 3.35bn (EUR 460.6mn) in Jan-Jul, showed the preliminary data, released by the central bank (HNB). The total bank assets reached HRK 350.3bn at end-July, growing by 7.2% y/y, following 7.1% y/y in H1. Credit to clients had the highest contribution to overall asset’s increase. Its growth accelerated from 10.6% y/y to 10.8% y/y, reaching HRK 230.2bn at end-July. Within credit portfolio, credit to households rose by 13.6% y/y to HRK 116.8bn, while credit to non-financial enterprises grew by 9.3% y/y to HRK 88.9bn as of end-July. The increase in attracted deposits again was not enough to cover the respective raise in the credit portfolio of the banks. The commercial banks continued to attract more long-term financial sources from financial institutions in order to finance their activity. Thus, the long-term credit, provided by financial institutions, grew by 19.3% y/y to HRK 10.3bn at end-July. Meantime, the total deposits grew by 6.2% y/y to HRK 236.2bn at end-July, following a growth of 6.1% y/y a month earlier. Time deposits increased by 9.3% y/y to HRK 168.3bn at-end July, while saving deposits declined by 3.5% y/y to HRK 26.7bn (1.8% y/y raise in June).







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