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BRIEF-Croatian bank HPB returns to profit after Agrokor losses
October 24, 2017 / 10:34 AM / in 2 months

BRIEF-Croatian bank HPB returns to profit after Agrokor losses

ZAGREB, Oct 24 (Reuters) - Croatia’s main state-owned bank, Hrvatska Postanka Banka (HPB), said on Tuesday:

* The bank returned to profit in the third quarter after making a loss in the second quarter due to its exposure to Croatian group Agrokor.

* HPB reported a 1.3 million kuna ($203,570) net loss for January-September, against a 141.1 million kuna net profit in the same period last year.

* However, in the third quarter it made a net profit of 63.2 million kuna, almost offsetting the entire net loss in the first six months

* Net loss was due to provisions related to the liquidity and debt crisis that hit Croatia’s largest private firm Agrokor .

* HPB’s nine-month operating profit at 276.3 million kuna was 5.2 percent lower than in the same period last year

* Its market share in 2017 rose to 5.1 percent from 4.8 percent at the end of 2016.

* Its capital adequacy ratio rose 1.1 percent in 2017 to 17.5 percent

* Expects still unspecified capital boost by the end of the year, from private and institutional investors, but the state will remain the majority owner.

* A decision on taking over Jadranska Banka, whose market share is 0.45 percent, also expected by the end of the year. ($1 = 6.3860 kuna) (Reporting by Igor Ilic; Editing by Susan Fenton)

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