Privredna Banka Zagreb (PBZ) finished 2015 with HRK 193.2 million in net profits, as against nearly HRK 643 million in 2014, as a result of the conversion of Swiss franc loans, PBZ said in a financial report on Monday.
The bulk of the net profit will be paid out for dividends in the amount of HRK 10.16 per share.
The bank reported HRK 987.8 million in losses due to the loan Swiss franc conversion, for which it set aside HRK 1.31 billion in loan loss provisions. The report says that 92.9 percent of clients who had taken out loans in Swiss francs opted for the conversion.
The conversion costs also impacted last year's results of PBZ Grupa. Consolidated net profit was HRK 365.4 million, as against over HRK 965 million in 2014.
In 2015, the group set aside EUR 1.49 billion for value adjustments and loan loss provisions, including a gross HRK 1.3 billion for loan conversions.
(EUR 1 = HRK 7.6)