Zagrebačka banka unaudited financial results Q1 2025

1. Management report for the period from 1 January to 31 March 2025

2. Statement of the persons responsible for the preparation of the financial statements

3. Financial statements (TFI-KI statements)

   1. General data as at 31 March 2025

   2. Balance sheet as at 31 March 2025

   3. Income statement for the period from 1 January to 31 March 2025

   4. Cash flow statement for the period from 1 January to 31 March 2025

   5. Statement of changes in equity for the period from 31 December 2024 to 31 March 2025

   6. Notes to the financial statements

1. Management report for the period from 1 January to 31 March 2025 Zagrebačka banka dd realised profit after tax of EUR 137 million in the first quarter of 2025, at the same level as in first quarter of 2024.

   We have continued achieving good results. Operating income is stable, costs demonstrate operational excellence. Capital and liquidity positions are strong, credit portfolio is adequately covered by provisions.

   We are strongly connected with our community, providing support to the economy and the society in which we operate. We are doing this by financing most loans in the market, by investing in optimal user experiences as well as in the security of our solutions, by maintaining the robust payment infrastructure and offering the wide scale of services to companies and citizens.

   We are transforming our culture, working on simplification and digitalization of our organization and processes to assure sustainability. We continue to progress on our ESG ambition and are committed to activities that have an overall positive impact considering environmental, social and governance factors.

   We are striving to be the best employer possible, by supporting our employees through work-life balance and wellbeing initiatives.

   Key performance indicators:
   • Operating income: EUR 218 million
   • Operating expenses: EUR 59 million
   • Profit before impairment and other provisions: EUR 159 million
   • Impairment and other provisions: EUR 4 million
   • Loans and advances to customers: EUR 11,413 million
   • Deposits from customers: EUR 17,559 million
   Operating income amounted to EUR 218 million, increased by EUR 11 million (+5.3%) Y/Y:

   • Net interest income amounted to EUR 140 million, decreased by EUR 6 million (-4.1%).

   • Net fee and commission income amounted to EUR 48 million, increased by EUR 6 million (+14.3%).

   • Net trading and other income and expenses amounted to EUR 30 million, increased by EUR 11 million (+57.9%).

     Operating expenses at EUR 59 million, higher by EUR 1 million (+1.7%). Cost to income ratio equals to 27.06%. Profit before impairment and other provisions amounted to EUR 159 million, higher by EUR 10 million (+6.7%), as a result of the previously described movements in Operating income and Operating expenses. Impairment and other provisions write back amounted to EUR 4 million. Total assets of the Bank amounted to EUR 21,489 million, higher by EUR 318 million (+1.5%) BoY.
   • Net loans and advances to customers amounted to EUR 11,413 million, increased by EUR 487 million (+4.5%) due to increase in corporate lending.
   • Deposits from customers represent primary source of funding. They amounted to EUR 17,559 million, higher by EUR 144 million (+0.8%) mainly in retail deposits.
   • Deposits from credit institutions at EUR 162 million, higher by EUR 27 million (+20.0%). Financial results for the period from 1 January to 31 March 2025

     Zagrebačka banka dd			Δ 2025 vs 2024
     Income statement (EURm)	1Q 2025	1Q 2024	EUR m	%
     	1	2	3 (1-2)	4 (3/2)
     Interest income	183	199	(16)	(8.0 %)
     Interest expense	(43)	(53)	10	(18.9 %)
     Net interest income	140	146	(6)	(4.1 %)
     Fee and commission income	59	51	8	15.7 %
     Fee and commission expense	(11)	(9)	(2)	22.2 %
     Net fee and commission income	48	42	6	14.3 %
     Net trading and other income and expenses	30	19	11	57.9 %
     Operating income	218	207	11	5.3 %
     Operating expenses	(59)	(58)	(1)	1.7 %
     Cash contributions to resolution funds and deposit guarantee schemes	-	-	-	-
     Profit before impairment and other provisions	159	149	10	6.7 %
     Impairment and other provisions	4	13	(9)	(69.2 %)
     Share of the profit or (-) loss of investments in subsidiaries, joint ventures and associates accounted for using the equity method	-	-	-	-
     Profit before tax	163	162	1	0.6 %
     Income tax	(26)	(27)	1	(3.7 %)
     Net profit	137	135	2	1.5 %

     Financial results for the period from 1 January to 31 March 2025 (continued)

     Zagrebačka banka dd			Δ 2025 vs. 2024
     Balance sheet (EURm)	31 Mar 2025	31 Dec 2024	EURm	%
     	1	2	3 (1-2)	4 (3/2)
     Cash, cash balances at central banks and other demand deposits	4,169	4,124	45	1.1 %
     Financial assets at fair value through profit or loss	163	146	17	11.6 %
     Fair value changes of the hedged items in portfolio hedge of interest rate risk	(4)	19	(23)	(121.1 %)
     Non-trading financial assets mandatorily at fair value through profit or loss	10	7	3	42.9 %
     Financial assets at fair value through other comprehensive income	1,482	826	656	79.4 %
     Financial assets at amortised cost:	15,079	15,464	(385)	(2.5 %)
     Debt securities	1,905	1,573	332	21.1 %
     Loans and advances to credit institutions	1,761	2,965	(1,204)	(40.6 %)
     Loans and advances to customers	11,413	10,926	487	4.5 %
     Tangible and intangible assets	191	195	(4)	(2.1 %)
     Investments in subsidiaries, joint ventures and associates	270	266	4	1.5 %
     Other assets	129	124	5	4.0 %
     Total assets	21,489	21,171	318	1.5 %
     Financial liabilities held for trading	164	198	(34)	(17.2 %)
     Fair value changes of the hedged items in portfolio hedge of interest rate risk	(6)	7	(13)	(185.7 %)
     Financial liabilities measured at amortised cost:	18,466	18,197	269	1.5 %
     Debt securities issued	695	594	101	17.0 %
     Deposits from credit institutions	162	135	27	20.0 %
     Deposits from customers	17,559	17,415	144	0.8 %
     Other financial liabilities	50	53	(3)	(5.7 %)
     Provisions for risks and charges	209	219	(10)	(4.6 %)
     Other liabilities	621	201	420	209.0 %
     Total liabilities	19,454	18,822	632	3.4 %
     Equity	2,035	2,349	(314)	(13.4 %)
     Total equity and liabilities	21,489	21,171	318	1.5 %

     Rating		31 March 2025
     Fitch Ratings Ltd.	Long Term Issuer Default Rating	BBB+
     	Short Term Rating	F2
     	Viability	bbb
     	Shareholder Support	bbb+
     	Outlook	Positive

     Zagreb, 30 April 2025

     Significant events and transactions

     Geopolitical tensions and market uncertainties

     At the end of March 2025, the Bank's assets were not significantly directly impacted by the geopolitical tensions. Our operations remain indirectly affected, as the overall macro-economic scenario evolves. The market environment continues to be uncertain.

     The impacts of uncertainties continue to evolve as of the date of this report. As such, it is fluctuant as to the full magnitude that they will have on the macro-economic scenario and consequentially on the Bank's future financial condition and results of operations.

     The Bank continues to support our clients, while it adequately assesses their creditworthiness, carefully considering the risk classification as well as the related impact on financial reporting.

     
     
     
     
     
     
     
     
     
     
     
     

     While having a strong capital and liquidity position, as well as the assets covered by prudent loan provisions, the Bank is actively monitoring the situation and assessing its impact on operations, financial performance, capital position and cash-flows.

     
     
     

     Dalibor Ćubela

     Chief Executive Officer, Chairman of the Management Board

     Jasna Mandac		Tatjana Antolić Jasnić
     Member of the Management Board		Member of the Management Board

     Pavel Vinter		Gianluca Totaro
     Member of the Management Board		Member of the Management Board

     
     
     

     Slaven Rukavina		Aleksandra Rašić
     Member of the Management Board		Member of the Management Board

2. Statement of the persons responsible for the preparation of financial statements

   Pursuant to the provisions of the Capital Market Act, to the best of our knowledge:

   1. the set of financial statements of Zagrebačka banka dd, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in the European Union, gives a true and fair view of the assets and liabilities, profit and loss, financial position and business operations of Zagrebačka banka dd;

      
      
      
      
      
      

   2. the Management Report includes a fair overview of the development and results of operations and of the position of Zagrebačka banka dd.

   Ante Križan	Jasna Mandac
   Head of Accounting, Regulatory Reporting and Tax	Member of the Management Board

   Additional info:

   Public Relations

   e-mail: PR@unicreditgroup.zaba.hr https://www.zaba.hr

3. Financial statements (TFI-KI statements)

1. General data as at 31 March 20251

   Annex 1

   ISSUER'S GENERAL DATA

   Reporting period:

   to

   Year:

   Quarter:

   Quarterly financial statements

   egistration number (MB):

   Issuer's home Member State code:

   Entity's registration number (MBS):

   Personal identification

   number (OIB):

   LEI:

   Institution

   code:

   Name of the issuer: Zagrebačka banka d.d.

   Postcode and town:

   Zagreb

   treet and house number: Trg bana Josipa Jelačića 10

   E-mail address: zaba@unicreditgroup.zaba.hr

   Web address: https://www.zaba.hr

   Number of employees (end of the reporting

   Consolidated report:

   (KN-not consolidated/KD-consolidated)

   Audited:

   (RN-not audited/RD-audited)

   Names of subsidiaries (according to IFRS):

   Registered office:

   MB:

   Bookkeeping firm:

   (Yes/No)

   (name of the bookkeeping firm)

   Contact person: Ferizović Antica

   (only name and surname of the contact person)

   Telephone:

   E-mail address: antica.ferizovic@unicreditgroup.zaba.hr

   Audit firm: KPMG d.o.o.

   (name of the audit firm)

   Certified auditor:

   (name and surname)

   No

   RN

   KN

   3200

   10000

   307

   PRNXTNXHBI0TSY1V8P17

   92963223473

   80000014

   HR

   3234495

   1

   2025

   31.3.2025

   1.1.2025

   
   
   

   ‌1 Average number of employees in head office and branch network of Zagrebačka banka dd in Q1 2025 amounts to 3,194.

2. Balance sheet as at 31 March 2025

   in EUR
   Submitter: Zagrebačka banka d.d.
   Item 1	ADP code	Last day of the preceding business year	Current period
   	2	3	4
   Assets
   Cash, cash balances at central banks and other demand deposits (from 2 to 4)	001	4,124,302,770	4,168,933,686
   Cash in hand	002	483,330,997	417,766,975
   Cash balances at central banks	003	3,482,451,241	3,635,126,098
   Other demand deposits	004	158,520,532	116,040,613
   Financial assets held for trading (from 6 to 9)	005	50,317,766	49,952,672
   Derivatives	006	49,611,918	49,316,357
   Equity instruments	007	705,848	636,315
   Debt securities	008	0	0
   Loans and advances	009	0	0
   Non-trading financial assets mandatorily at fair value through profit or loss (from 11 to 13)	010	6,984,308	9,937,101
   Equity instruments	011	6,984,308	9,937,101
   Debt securities	012	0	0
   Loans and advances	013	0	0
   Financial assets at fair value through profit or loss (15 + 16)	014	0	0
   Debt securities	015	0	0
   Loans and advances	016	0	0
   Financial assets at fair value through other comprehensive income (from 18 to 20)	017	825,999,378	1,482,126,523
   Equity instruments	018	662,800	696,064
   Debt securities	019	825,336,578	1,481,430,459
   Loans and advances	020	0	0
   Financial assets at amortised cost (22 + 23)	021	15,464,202,833	15,078,624,743
   Debt securities	022	1,573,469,335	1,904,564,202
   Loans and advances	023	13,890,733,498	13,174,060,541
   Derivatives - hedge accounting	024	96,137,761	112,861,937
   Fair value changes of the hedged items in portfolio hedge of interest rate risk	025	18,748,406	-4,433,082
   Investments in subsidiaries, joint ventures and associates	026	265,530,623	269,539,172
   Tangible assets	027	150,755,850	148,001,404
   Intangible assets	028	44,024,401	42,877,669
   Tax assets	029	64,024,498	59,338,071
   Other assets	030	60,195,461	71,613,738
   Fixed assets and disposal groups classified as held for sale	031	0	0
   Total assets (1 + 5 + 10 + 14 + 17 + 21 + from 24 to 31)	032	21,171,224,055	21,489,373,634
   Liabilities
   Financial liabilities held for trading (from 34 to 38)	033	47,409,627	43,077,403
   Derivatives	034	47,409,627	43,077,403
   Short positions	035	0	0
   Deposits	036	0	0
   Debt securities issued	037	0	0
   Other financial liabilities	038	0	0
   Financial liabilities at fair value through profit or loss (from 40 to 42)	039	0	0
   Deposits	040	0	0
   Debt securities issued	041	0	0
   Other financial liabilities	042	0	0
   Financial liabilities measured at amortised cost (from 44 to 46)	043	18,197,451,766	18,466,010,309
   Deposits	044	17,550,388,777	17,721,112,138
   Debt securities issued	045	594,488,057	694,843,690
   Other financial liabilities	046	52,574,932	50,054,481
   Derivatives - hedge accounting	047	150,648,515	120,676,999
   Fair value changes of the hedged items in portfolio hedge of interest rate risk	048	7,317,606	-5,887,284
   Provisions	049	218,706,407	208,784,992
   Tax liabilities	050	14,720,260	14,876,335
   Share capital repayable on demand	051	0	0
   Other liabilities	052	185,924,743	606,533,550
   Liabilities included in disposal groups classified as held for sale	053	0	0
   Total liabilities (33 + 39 + 43 + from 47 to 53)	054	18,822,178,924	19,454,072,304
   Equity
   Capital	055	850,068,233	850,068,233
   Share premium	056	465,253,748	465,253,748
   Equity instruments issued other than capital	057	0	0
   Other equity	058	1,996,305	1,996,305
   Accumulated other comprehensive income	059	-4,906,307	-7,252,242
   Retained profit	060	526,085,074	527,468,155
   Revaluation reserves	061	0	0
   Other reserves	062	61,175,022	61,175,022
   ( - ) Treasury shares	063	-268,443	-268,443
   Profit or loss attributable to owners of the parent	064	449,641,499	136,860,552
   (--) Interim dividends	065	0	0
   Minority interests [non-controlling interests]	066	0	0
   Total equity (from 55 to 66)	067	2,349,045,131	2,035,301,330
   Total equity and liabilities (54 + 67)	068	21,171,224,055	21,489,373,634

3. Income statement for the period from 1 January to 31 March 2025

   in EUR
   Submitter: Zagrebačka banka d.d.
   Item	ADP code	Same period of the previous year		Current period
   		Cumulative	Quarter	Cumulative	Quarter
   1	2	3	4	5	6
   Interest income	001	198,710,876	198,710,876	183,348,272	183,348,272
   (Interest expenses)	002	51,519,980	51,519,980	43,517,177	43,517,177
   (Expenses on share capital repayable on demand)	003	0	0	0	0
   Dividend income	004	13,754,035	13,754,035	16,617,872	16,617,872
   Fees and commissions income	005	50,614,980	50,614,980	58,752,053	58,752,053
   (Fees and commissions expenses)	006	8,772,002	8,772,002	10,628,095	10,628,095
   Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net	007	0	0	0	0
   Gains or (-) losses on financial assets and liabilities held for trading, net	008	-4,409,336	-4,409,336	-5,214,241	-5,214,241
   Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss, net	009	475,084	475,084	425,472	425,472
   Gains or (-) losses on derecognition of financial assets and liabilities at fair value through profit or loss, net	010	0	0	0	0
   Gains or (-) losses from hedge accounting, net	011	52,764	52,764	327,256	327,256
   Exchange rate differences [gain or (-) loss], net	012	8,106,242	8,106,242	8,994,378	8,994,378
   Gains or (-) losses on derecognition of of investments in subsidiaries, joint ventures and associates, net	013	0	0	0	0
   Gains or (-) losses on derecognition of non-financial assets, net	014	19,930	19,930	0	0
   Other operating income	015	1,436,169	1,436,169	10,202,406	10,202,406
   (Other operating expenses)	016	906,346	906,346	1,104,807	1,104,807
   Total operating income, net (1 - 2 - 3 + 4 + 5 - 6 + from 7 to 15 - 16)	017	207,562,416	207,562,416	218,203,389	218,203,389
   (Administrative expenses)	018	51,202,241	51,202,241	53,220,968	53,220,968
   (Cash contributions to resolution boards and deposit guarantee schemes)	019	165,000	165,000	180,000	180,000
   (Depreciation)	020	6,840,603	6,840,603	5,824,347	5,824,347
   Modification gains or (-) losses, net	021	0	0	0	0
   (Provisions or (-) reversal of provisions)	022	1,797,317	1,797,317	-2,336,308	-2,336,308
   (Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss)	023	-14,491,313	-14,491,313	-1,689,200	-1,689,200
   (Impairment or (-) reversal of impairment of investments in subsidiaries, joint ventures and associates)	024	895	895	8	8
   (Impairment or (-) reversal of impairment on non-financial assets)	025	0	0	7,337	7,337
   Negative goodwill recognised in profit or loss	026	0	0	0	0
   Share of the profit or (-) losses of investments in subsidiaries, joint ventures and associates accounted for using the equity method	027	146,715	146,715	295,758	295,758
   Profit or (-) loss from fixed assets and disposal groups classified as held for sale not qualifying as discontinued operations	028	0	0	0	0
   Profit or (-) loss before tax from continuing operations (17 - 18 to 20 + 21 - from 22 to 25 + from 26 to 28)	029	162,194,388	162,194,388	163,291,995	163,291,995
   (Tax expense or (-) income related to profit or loss from continuing operations)	030	26,738,979	26,738,979	26,431,443	26,431,443
   Profit or (-) loss after tax from continuing operations (29 - 30)	031	135,455,409	135,455,409	136,860,552	136,860,552
   Profit or (-) loss after tax from discontinued operations (33 - 34)	032	0	0	0	0
   Profit or (-) loss before tax from discontinued operations	033	0	0	0	0
   (Tax expense or (-) income related to discontinued operations)	034	0	0	0	0
   Profit or ( - ) loss for the year (31 + 32; 36 + 37)	035	135,455,409	135,455,409	136,860,552	136,860,552
   Attributable to minority interest [non-controlling interests]	036	0	0	0	0
   Attributable to owners of the parent	037	135,455,409	135,455,409	136,860,552	136,860,552
   STATEMENT OF OTHER COMPREHENSIVE INCOME
   Income or (-) loss for the current year	038	135,455,409	135,455,409	136,860,552	136,860,552
   Other comprehensive income (40+ 52)	039	-4,143,256	-4,143,256	-2,339,367	-2,339,367
   Items that will not be reclassified to profit or loss (from 41 to 47 + 50 + 51)	040	-38,050	-38,050	-53,043	-53,043
   Tangible assets	041	-41,080	-41,080	-61,451	-61,451
   Intangible assets	042	0	0	0	0
   Actuarial gains or (-) losses on defined benefit pension plans	043	0	0	0	0
   Fixed assets and disposal groups classified as held for sale	044	0	0	0	0
   Share of other recognised income and expense of entities accounted for using the equity method	045	0	0	0	0
   Fair value changes of equity instruments measured at fair value through other comprehensive income	046	-5,322	-5,322	3,334	3,334
   Gains or (-) losses from hedge accounting of equity instruments at	047	0	0	0	0
   Fair value changes of equity instruments measured at fair value	048	0	0	0	0
   Fair value changes of equity instruments measured at fair value	049	0	0	0	0
   Fair value changes of financial liabilities measured at fair value through profit or loss attributable to changes in their credit risk	050	0	0	0	0
   Income tax relating to items that will not be reclassified	051	8,352	8,352	5,074	5,074
   Items that may be reclassified to profit or loss (from 53 to 60)	052	-4,105,206	-4,105,206	-2,286,324	-2,286,324
   Hedge of net investments in foreign operations [effective portion]	053	0	0	0	0
   Foreign currency translation	054	0	0	0	0
   Cash flow hedges [effective portion]	055	-3,505,490	-3,505,490	-2,616,766	-2,616,766
   Hedging instruments [not designated elements]	056	0	0	0	0
   Debt instruments at fair value through other comprehensive income	057	-1,500,859	-1,500,859	-171,434	-171,434
   Fixed assets and disposal groups classified as held for sale	058	0	0	0	0
   Share of other recognised income and expense of investments in subsidiaries, joint ventures and associates	059	0	0	0	0
   Income tax relating to items that may be reclassified to profit or (-) loss	060	901,143	901,143	501,876	501,876
   Total comprehensive income for the current year (38 + 39; 62 + 63)	061	131,312,153	131,312,153	134,521,185	134,521,185
   Attributable to minority interest [non-controlling interest]	062	0	0	0	0
   Attributable to owners of the parent	063	131,312,153	131,312,153	134,521,185	134,521,185

4. Cash flow statement for the period from 1 January to 31 March 2025

   in EUR
   Submitter: Zagrebačka banka d.d.
   Item	ADP code	Same period of the previous year	At the reporting date of the current period
   1	2	3	4
   Operating activities - direct method
   Interest received and similar receipts	001	0	0
   Fees and commissions received	002	0	0
   (Interest paid and similar expenditures)	003	0	0
   (Fees and commissions paid)	004	0	0
   (Operating expenses paid)	005	0	0
   Net gains/losses from financial instruments at fair value through statement of profit or loss	006	0	0
   Other receipts	007	0	0
   (Other expenditures)	008	0	0
   Operating activities - indirect method
   Profit/(loss) before tax	009	162,194,388	163,291,995
   Adjustments:		0	0
   Impairment and provisions	010	-12,693,996	-4,018,171
   Depreciation	011	6,840,603	5,824,347
   Net unrealised (gains)/losses on financial assets and liabilities at fair value through statement of profit or loss	012	4,446,022	-3,540,491
   (Profit)/loss from the sale of tangible assets	013	-19,930	0
   Other non-cash items	014	-158,964,277	-139,831,095
   Changes in assets and liabilities from operating activities
   Deposits with the Croatian National Bank	015	-804,798	1,162,924,982
   Deposits with financial institutions and loans to financial	016	-452,838,965	17,611,506
   Loans and advances to other clients	017	-131,829,547	-477,693,954
   Securities and other financial instruments at fair value through other comprehensive income	018	-53,415,911	-646,478,838
   Securities and other financial instruments held for trading	019	-2,472,359	66,667
   Securities and other financial instruments at fair value through statement of profit or loss, not traded	020	-328,655	-3,835,336
   Securities and other financial instruments mandatorily at fair value through statement of profit or loss	021	0	0
   Securities and other financial instruments at amortised cost	022	-132,163,246	-342,512,379
   Other assets from operating activities	023	-55,776,347	-19,473,927
   Deposits from financial institutions	024	-65,196,418	18,061,629
   Transaction accounts of other clients	025	-1,092,870,192	-173,723,042
   Savings deposits of other clients	026	-4,513,546	-1,941,678
   Time deposits of other clients	027	566,237,984	310,634,756
   Derivative financial liabilities and other liabilities held for trading	028	0	0
   Other liabilities from operating activities	029	-15,365,086	-39,748,817
   Interest received from operating activities [indirect method]	030	204,792,148	159,665,805
   Dividends received from operating activities [indirect method]	031	0	0
   Interest paid from operating activities [indirect method]	032	-40,551,485	-47,430,225
   (Income tax paid)	033	-14,896,381	-21,056,657
   Net cash flow from operating activities (from 1 to 33)	034	-1,290,189,994	-83,202,923
   Investing activities
   Cash receipts from the sale / payments for the purchase of tangible and intangible assets	035	-8,641,902	-1,929,801
   Cash receipts from the sale / payments for the purchase of investments in branches, associates and joint ventures	036	3,808,463	0
   Cash receipts from the sale / payments for the purchase of securities and other financial instruments held to maturity	037	0	0
   Dividends received from investing activities	038	4,993,944	2,400,367
   Other receipts /payments from investing activities	039	0	0
   Net cash flow from investing activities (from 35 to 39)	040	160,505	470,566
   Financing activities
   Net increase/(decrease) in loans received from financing activities	041	-69,489,552	36,002,020
   Net increase/(decrease) in debt securities issued	042	283,605,653	100,355,633
   Net increase/(decrease) in Tier 2 capital instruments	043	0	0
   Increase in share capital	044	0	0
   (Dividends paid)	045	361,779	0
   Other receipts /(payments) from financing activities	046	0	0
   Net cash flow from financing activities (from 41 to 46)	047	214,477,880	136,357,653
   Net increase/(decrease) of cash and cash equivalents (34 + 40 + 47)	048	-1,075,551,609	53,625,296
   Cash and cash equivalents at the beginning of period	049	5,477,880,945	4,124,302,770
   Effect of exchange rate fluctuations on cash and cash equivalents	050	-8,106,242	-8,994,378
   Cash and cash equivalents at the end of period (48 + 49 + 50)	051	4,394,223,094	4,168,933,688

   
   
   
   1. Financial statements (TFI-KI statements) (continued)

5. Statement of changes in equity for the period from 31 December 2024 to 31 March 2025

   		for the period from 31.12.2024	to 31.3.2025												in EUR
   Sources of equity changes	ADP code	Attributable to owners of the parent											Non-controlling interest		Total
   		Equity	Share premium	Equity instruments issued other than capital	Other equity	Accumulated other comprehensi ve income	Retained profit	Revaluation reserves	Other reserves	( ) Treasury shares	Profit or ( - ) loss attributable to owners of the parent	(-) Interim dividends	Accumulated other comprehensi ve income	Other items
   1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16
   Opening balance [before restatement]	001	850,068,233	465,253,748	0	1,996,305	-4,906,305	526,085,074	0	61,175,022	-268,443	449,641,499	0	0	0	2,349,045,133
   Effects of error corrections	002	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Effects of changes in accounting policies	003	0	0	0	0	-6,570	0	0	0	0	0	0	0	0	-6,570
   Opening balance [current period] (1 + 2 + 3)	004	850,068,233	465,253,748	0	1,996,305	-4,912,875	526,085,074	0	61,175,022	-268,443	449,641,499	0	0	0	2,349,038,563
   Ordinary shares issue	005	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Preference shares issue	006	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Issue of other equity instruments	007	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Exercise or expiration of other equity instruments issued	008	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Conversion of receviables to equity instruments	009	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Capital reduction	010	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Dividends	011	0	0	0	0	0	-448,338,737	0	0	0	0	0	0	0	-448,338,737
   Purchase of treasury shares	012	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Sale or cancellation of treasury shares	013	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Reclassification of financial instruments from equity to liability	014	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Reclassification of financial instruments from liability to equity	015	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Transfers among components of equity	016	0	0	0	0	0	449,641,499	0	0	0	-449,641,499	0	0	0	0
   Equity increase or ( - ) decrease resulting from business combinations	017	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Share based payments	018	0	0	0	0	0	0	0	0	0	0	0	0	0	0
   Other increase or (-) decrease in equity	019	0	0	0	0	0	80,319	0	0	0	0	0	0	0	80,319
   Total comprehensive income for the current year	020	0	0	0	0	-2,339,367	0	0	0	0	136,860,552	0	0	0	134,521,185
   Closing balance [current period] (from 4 to 20)	021	850,068,233	465,253,748	0	1,996,305	-7,252,242	527,468,155	0	61,175,022	-268,443	136,860,552	0	0	0	2,035,301,330

6. Notes to the condensed interim financial statements

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities,

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices),

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Bank recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. More information about the assumptions applied in measuring fair values is disclosed in the annual financial statements.

1. Measurement of fair values (continued)
   1. Financial instruments measured at fair value - fair value hierarchy

      EUR million
      			31 March 2025			31 December 2024
      	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
      Financial assets at fair value through profit or loss
      Debt securities held for trading	-	-	-	-	-	-	-	-
      Equity securities held for trading	-	1	-	1	-	1	-	1
      Financial assets mandatorily at fair value	-	8	2	10	-	5	2	7
      Derivative financial instruments	-	49	-	49	-	49	-	49
      Hedge accounting	-	113	-	113	-	96	-	96
      Fair value changes of the hedged items in portfolio hedge of interest rate risk	-	(4)		(4)	-	(19)	-	(19)
      	-	167	2	169	-	132	2	134
      Financial assets at fair value through other comprehensive income
      Debt securities at fair value through other comprehensive income	948	533	-	1,481	231	594	-	825
      Equity securities at fair value through other comprehensive income	-	-	1	1	-	-	1	1
      	948	533	1	1,482	231	594	1	826
      Total financial assets measured at fair value	948	700	3	1,651	231	726	3	960
      Financial liabilities at fair value through profit or loss
      Derivative financial instruments	-	43	-	43	-	47	-	47
      Hedge accounting	-	121	-	121	-	151	-	151
      Fair value changes of the hedged items in portfolio hedge of interest rate risk	-	(6)	-	(6)	-	7	-	7
      Total financial liabilities measured at fair value	-	158	-	158	-	205	-	205

   2. Fair value of financial instruments not measured at fair value EUR million

      Fair value

      	Book value	Total	Level 1	Level 2	Level 3
      31 March 2025
      Financial assets at amortised cost	15,079	15,150	1,063	5,991	8,096
      111 Financial liabilities at amortised cost	18,466	18,467	-	732	17,735

      31 December 2024
      Financial assets at amortised cost	15,464	15,657	729	5,227	9,701
      Financial liabilities at amortised cost	18,197	18,194	-	568	17,626

      Assumptions used in estimates and measurement of fair values are based on requirements of IFRS 13.

2. Commitments and contingencies

   EUR million
   			31 March 2025				31 December 2024
   	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
   Gross carrying amount
   Loan commitments given	2,108	173	3	2,284	2,113	333	3	2,449
   Financial guarantees given	285	25	3	313	296	26	4	326
   Commercial guarantees given	955	96	23	1,074	953	100	24	1,077
   Other commitments given	35	2	1	38	32	3	-	35
   Total	3,383	296	30	3,709	3,394	462	31	3,887

   EUR million
   			31 March 2025				31 December 2024
   	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
   ECL allowance
   Loan commitments given	(11)	(12)	(2)	(25)	(12)	(14)	(2)	(28)
   Financial guarantees given	(2)	(3)	(3)	(8)	(2)	(2)	(3)	(7)
   Commercial guarantees given	(12)	(5)	(11)	(28)	(13)	(5)	(12)	(30)
   Other commitments given	-	-	-	-	(1)	-	-	(1)
   Total	(25)	(20)	(16)	(61)	(28)	(21)	(17)	(66)

3. Events after the reporting period

There were no significant reportable events after the reporting period.