July 25, 2018 / 1:50 PM / a year ago

Croatian bank HPB reports 46.3 pct increase in H1 profit

ZAGREB, July 25 (Reuters) - Croatia’s Hrvatska Postanska Banka (HPB) reported on Wednesday a record first-half net profit of 94.4 million kuna ($14.94 million) versus 64.5 million a year earlier.

HPB, majority owned by the state, controls around 5 percent of the local market.

HPB recently increased market share by another 0.42 percent and added around 4,000 new clients through the acquisition of Jadranska Banka, which was saved from bankruptcy by the state, it said. The bank said its operating profit fell 20 percent to 137.9 million kuna because of lower revenue due to falling interest rates.

More than 90 percent of Croatia’s banking sector is owned by foreign lenders from other European Union countries including Italy, Austria and Hungary. ($1 = 6.3194 kuna) (Reporting by Maja Zuvela in Sarajevo; Editing by Kirsten Donovan)

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