The Croatian Bank for Reconstruction and Development (HBOR) last year generated HRK 205.2 million in profits, or nearly 37 million more than in 2014.
The increased profits have resulted in lower operating costs, expenses lower than interest rates, net income higher than fees and net income generated through currency exchange, HBOR said in a statement.
In 2015, HBOR total income amounted to HRK 917.1 million, expenses to HRK 711.9 million and profit to HRK 205.2 million. In accordance with the law on HBOR, the overall profit in 2015 will be allocated to reserves.
HBOR is Croatia's development and export bank with the main task of promoting the development of the Croatian economy.
By providing loans, insuring export transactions against political and commercial risks, issuing guarantees and providing business advice, HBOR builds bridges between entrepreneurial ideas and their accomplishment with the objective of enhancing the competitiveness of the Croatian economy.