Zagrebačka banka unaudited financial results Q2 2025

1. Management report for the period from 1 January to 30 June 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 30 June 2025

   2. Balance sheet as at 30 June 2025

   3. Income statement for the period from 1 January to 30 June 2025

   4. Cash flow statement for the period from 1 January to 30 June 2025

   5. Statement of changes in equity for the period from 31 December 2024 to 30 June 2025

   6. Notes to the financial statements

1. Management report for the period from 1 January to 30 June 2025 Zagrebačka banka dd realised profit after tax of EUR 258 million in first half of 2025, at the same level as in first half 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 414 million
   • Operating expenses: EUR 117 million
   • Profit before impairment and other provisions: EUR 297 million
   • Impairment and other provisions: EUR 13 million
   • Loans and advances to customers: EUR 11,940 million
   • Deposits from customers: EUR 17,864 million
   Operating income amounted to EUR 414 million, increased by EUR 4 million (+1.0%) Y/Y:

   • Net interest income amounted to EUR 277 million, decreased by EUR 17 million (-5.8%).

   • Net fee and commission income amounted to EUR 94 million, increased by EUR 9 million (+10.6%).

   • Net trading and other income and expenses amounted to EUR 43 million, increased by EUR 12 million (+38.7%).

     Operating expenses at EUR 117 million, lower by EUR 3 million (-2.5%). Cost to income ratio equals to 28.26%. Profit before impairment and other provisions amounted to EUR 297 million, higher by EUR 7 million (+2.4%), as a result of the previously described movements in Operating income and Operating expenses. Impairment and other provisions write back amounted to EUR 13 million. Total assets of the Bank amounted to EUR 22,333 million, higher by EUR 1,162 million (+5.5%) BoY.
   • Net loans and advances to customers amounted to EUR 11,940 million, increased by EUR 1,014 million (+9.3%) due to increase in corporate and retail lending.
   • Deposits from customers represent primary source of funding. They amounted to EUR 17,864 million, higher by EUR 449 million (+2.6%) mainly in retail deposits.
   • Deposits from credit institutions at EUR 665 million, higher by EUR 530 million (+392.6%). Financial results for the period from 1 January to 30 June 2025

     Zagrebačka banka dd			Δ 2025 1H vs 2024 1H
     Income statement (EURm)	1H 2025	1H 2024	EUR m	%
     	1	2	3 (1-2)	4 (3/2)
     Interest income	359	397	(38)	(9.6 %)
     Interest expense	(82)	(103)	21	(20.4 %)
     Net interest income	277	294	(17)	(5.8 %)
     Fee and commission income	119	104	15	14.4 %
     Fee and commission expense	(25)	(19)	(6)	31.6 %
     Net fee and commission income	94	85	9	10.6 %
     Net trading and other income and expenses	43	31	12	38.7 %
     Operating income	414	410	4	1.0 %
     Operating expenses	(117)	(120)	3	(2.5 %)
     Cash contributions to resolution funds and deposit guarantee schemes	-	-	-	-
     Profit before impairment and other provisions	297	290	7	2.4 %
     Impairment and other provisions	13	20	(7)	(35.0 %)
     Share of the profit or (-) loss of investments in subsidiaries, joint ventures and associates accounted for using the equity method	1	-	1	-
     Profit before tax	311	310	1	0.3 %
     Income tax	(53)	(53)	-	0.0 %
     Net profit	258	257	1	0.4 %

     Financial results for the period from 1 January to 30 June 2025 (continued)

     Zagrebačka banka dd			Δ 2025 vs. 2024
     Balance sheet (EURm)	30 Jun 2025	31 Dec 2024	EURm	%
     	1	2	3 (1-2)	4 (3/2)
     Cash, cash balances at central banks and other demand deposits	3,400	4,124	(724)	(17.6 %)
     Financial assets at fair value through profit or loss	175	146	29	19.9 %
     Fair value changes of the hedged items in portfolio hedge of interest rate risk	(3)	19	(22)	(115.8 %)
     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	1,545	826	719	87.0 %
     Financial assets at amortised cost:	16,644	15,464	1,180	(7.6 %)
     Debt securities	2,011	1,573	438	27.8 %
     Loans and advances to credit institutions	2,693	2,965	(272)	(9.2 %)
     Loans and advances to customers	11,940	10,926	1,014	9.3 %
     Tangible and intangible assets	189	195	(6)	(3.1 %)
     Investments in subsidiaries, joint ventures and associates	264	266	(2)	(0.8 %)
     Other assets	109	124	(15)	(12.1 %)
     Total assets	22,333	21,171	1,162	5.5 %
     Financial liabilities held for trading	178	198	(20)	(10.1 %)
     Fair value changes of the hedged items in portfolio hedge of interest rate risk	-	7	(7)	-
     Financial liabilities measured at amortised cost:	19,614	18,197	1,417	7.8 %
     Debt securities issued	1,016	594	422	71.0 %
     Deposits from credit institutions	665	135	530	392.6 %
     Deposits from customers	17,864	17,415	449	2.6 %
     Other financial liabilities	69	53	16	30.2 %
     Provisions for risks and charges	190	219	(29)	(13.2 %)
     Other liabilities	182	201	(19)	9.5 %
     Total liabilities	20,164	18,822	1,342	7.1 %
     Equity	2,169	2,349	(180)	(7.7 %)
     Total equity and liabilities	22,333	21,171	1,162	5.5 %

     Rating		30 June 2025
     Fitch Ratings Ltd.	Long Term Issuer Default Rating	BBB+
     	Short Term Rating	F2
     	Viability	bbb
     	Shareholder Support	bbb+
     	Outlook	Positive

     Zagreb, 22 July 2025

     Significant events and transactions

     Geopolitical tensions and market uncertainties

     At the end of June 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

     
     
     

     Aleksandra Rašić		Gianluca Totaro
     Member of the Management Board		Member of the Management Board

     Slaven Rukavina

     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 Financial, Regulatory Disclosure 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 30 June 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

   3217

   10000

   307

   PRNXTNXHBI0TSY1V8P17

   92963223473

   80000014

   HR

   3234495

   2

   2025

   30.6.2025

   1.1.2025

   
   
   

   ‌1 Average number of employees in head office and branch network of Zagrebačka banka dd in 1H 2025 amounts to 3,202.

2. Balance sheet as at 30 June 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	3,400,358,458
   Cash in hand	002	483,330,997	459,617,163
   Cash balances at central banks	003	3,482,451,241	2,852,296,200
   Other demand deposits	004	158,520,532	88,445,095
   Financial assets held for trading (from 6 to 9)	005	50,317,766	53,519,863
   Derivatives	006	49,611,918	48,163,976
   Equity instruments	007	705,848	381,037
   Debt securities	008	0	4,974,850
   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	9,791,771
   Equity instruments	011	6,984,308	9,791,771
   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	1,544,959,774
   Equity instruments	018	662,800	795,695
   Debt securities	019	825,336,578	1,544,164,079
   Loans and advances	020	0	0
   Financial assets at amortised cost (22 + 23)	021	15,464,202,833	16,644,311,055
   Debt securities	022	1,573,469,335	2,011,338,526
   Loans and advances	023	13,890,733,498	14,632,972,529
   Derivatives - hedge accounting	024	96,137,761	121,866,168
   Fair value changes of the hedged items in portfolio hedge of interest rate risk	025	18,748,406	-2,700,498
   Investments in subsidiaries, joint ventures and associates	026	265,530,623	263,885,154
   Tangible assets	027	150,755,850	146,126,344
   Intangible assets	028	44,024,401	43,097,251
   Tax assets	029	64,024,498	56,669,759
   Other assets	030	60,195,461	50,607,616
   Fixed assets and disposal groups classified as held for sale	031	0	426,000
   Total assets (1 + 5 + 10 + 14 + 17 + 21 + from 24 to 31)	032	21,171,224,055	22,332,918,715
   Liabilities
   Financial liabilities held for trading (from 34 to 38)	033	47,409,627	43,655,148
   Derivatives	034	47,409,627	43,655,148
   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	19,613,582,808
   Deposits	044	17,550,388,777	18,528,548,558
   Debt securities issued	045	594,488,057	1,015,785,126
   Other financial liabilities	046	52,574,932	69,249,124
   Derivatives - hedge accounting	047	150,648,515	133,982,532
   Fair value changes of the hedged items in portfolio hedge of interest rate risk	048	7,317,606	-47,230
   Provisions	049	218,706,407	190,389,080
   Tax liabilities	050	14,720,260	11,564,619
   Share capital repayable on demand	051	0	0
   Other liabilities	052	185,924,743	171,058,829
   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	20,164,185,786
   Equity
   Capital	055	850,068,233	850,068,233
   Share premium	056	465,253,748	465,431,476
   Equity instruments issued other than capital	057	0	0
   Other equity	058	1,996,305	1,137,735
   Accumulated other comprehensive income	059	-4,906,307	5,318,745
   Retained profit	060	526,085,074	527,536,889
   Revaluation reserves	061	0	0
   Other reserves	062	61,175,022	61,175,022
   ( - ) Treasury shares	063	-268,443	-275,100
   Profit or loss attributable to owners of the parent	064	449,641,499	258,339,929
   (--) Interim dividends	065	0	0
   Minority interests [non-controlling interests]	066	0	0
   Total equity (from 55 to 66)	067	2,349,045,131	2,168,732,929
   Total equity and liabilities (54 + 67)	068	21,171,224,055	22,332,918,715

3. Income statement for the period from 1 January to 30 June 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	397,491,271	198,780,395	359,430,075	176,081,803
   (Interest expenses)	002	103,338,990	51,819,010	81,941,536	38,424,359
   (Expenses on share capital repayable on demand)	003	0	0	0	0
   Dividend income	004	13,775,301	21,266	17,333,895	716,023
   Fees and commissions income	005	104,050,027	53,435,047	118,597,298	59,845,245
   (Fees and commissions expenses)	006	18,868,647	10,096,645	24,583,657	13,955,562
   Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net	007	0	0	99	99
   Gains or (-) losses on financial assets and liabilities held for trading, net	008	370,717	4,780,053	-13,312,419	-8,098,178
   Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss, net	009	198,231	-276,853	452,197	26,725
   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	116,775	64,011	246,464	-80,792
   Exchange rate differences [gain or (-) loss], net	012	6,263,086	-1,843,156	21,107,569	12,113,191
   Gains or (-) losses on derecognition of of investments in subsidiaries, joint ventures and associates, net	013	0	0	-456,300	-456,300
   Gains or (-) losses on derecognition of non-financial assets, net	014	47,657	27,727	40,748	40,748
   Other operating income	015	16,864,248	15,428,079	19,307,442	9,105,036
   (Other operating expenses)	016	5,292,542	4,386,197	1,889,767	784,960
   Total operating income, net (1 - 2 - 3 + 4 + 5 - 6 + from 7 to 15 - 16)	017	411,677,134	204,114,717	414,332,108	196,128,719
   (Administrative expenses)	018	107,856,293	56,654,052	104,971,520	51,750,552
   (Cash contributions to resolution boards and deposit guarantee schemes)	019	330,000	165,000	360,000	180,000
   (Depreciation)	020	12,538,685	5,698,082	11,683,242	5,858,895
   Modification gains or (-) losses, net	021	0	0	0	0
   (Provisions or (-) reversal of provisions)	022	-2,933,133	-4,730,450	-13,948,488	-11,612,180
   (Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss)	023	-16,525,609	-2,034,296	792,494	2,481,694
   (Impairment or (-) reversal of impairment of investments in subsidiaries, joint ventures and associates)	024	343,021	342,126	8	0
   (Impairment or (-) reversal of impairment on non-financial assets)	025	0	0	11,631	4,294
   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	467,827	321,112	688,942	393,184
   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	310,535,704	148,341,315	311,150,643	147,858,648
   (Tax expense or (-) income related to profit or loss from continuing operations)	030	53,483,616	26,744,637	52,810,714	26,379,271
   Profit or (-) loss after tax from continuing operations (29 - 30)	031	257,052,088	121,596,678	258,339,929	121,479,377
   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	257,052,088	121,596,678	258,339,929	121,479,377
   Attributable to minority interest [non-controlling interests]	036	0	0	0	0
   Attributable to owners of the parent	037	257,052,088	121,596,678	258,339,929	121,479,377
   STATEMENT OF OTHER COMPREHENSIVE INCOME
   Income or (-) loss for the current year	038	257,052,088	121,596,678	258,339,929	121,479,377
   Other comprehensive income (40+ 52)	039	-6,154,751	45,885,595	10,231,622	12,570,989
   Items that will not be reclassified to profit or loss (from 41 to 47 + 50 + 51)	040	450,368	56,146,516	535,108	588,151
   Tangible assets	041	521,122	56,220,301	556,176	617,626
   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	20,095	25,417	102,965	99,631
   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	-90,849	-99,202	-124,033	-129,106
   Items that may be reclassified to profit or loss (from 53 to 60)	052	-6,605,119	-10,260,921	9,696,514	11,982,838
   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	-9,088,502	-16,717,378	2,009,386	4,626,152
   Hedging instruments [not designated elements]	056	0	0	0	0
   Debt instruments at fair value through other comprehensive income	057	1,033,479	5,907,695	9,815,631	9,987,065
   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	1,449,904	548,762	-2,128,503	-2,630,379
   Total comprehensive income for the current year (38 + 39; 62 + 63)	061	250,897,337	167,482,273	268,571,551	134,050,366
   Attributable to minority interest [non-controlling interest]	062	0	0	0	0
   Attributable to owners of the parent	063	250,897,337	167,482,273	268,571,551	134,050,366

4. Cash flow statement for the period from 1 January to 30 June 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	310,535,704	311,150,643
   Adjustments:		0	0
   Impairment and provisions	010	-19,458,742	-13,144,363
   Depreciation	011	12,538,685	11,683,242
   Net unrealised (gains)/losses on financial assets and liabilities at fair value through statement of profit or loss	012	3,642,710	-2,058,618
   (Profit)/loss from the sale of tangible assets	013	-47,657	-40,748
   Other non-cash items	014	-306,580,120	-280,528,456
   Changes in assets and liabilities from operating activities
   Deposits with the Croatian National Bank	015	-720,758,100	1,162,276,913
   Deposits with financial institutions and loans to financial	016	-291,474,040	-910,550,761
   Loans and advances to other clients	017	-480,918,378	-1,012,655,646
   Securities and other financial instruments at fair value through other comprehensive income	018	10,073,561	-697,002,890
   Securities and other financial instruments held for trading	019	-130,349	-4,651,431
   Securities and other financial instruments at fair value through statement of profit or loss, not traded	020	-371,577	-4,046,373
   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	130,111,844	-449,868,225
   Other assets from operating activities	023	-21,347,067	9,155,885
   Deposits from financial institutions	024	-32,079,082	32,800,264
   Transaction accounts of other clients	025	-802,289,025	235,585,662
   Savings deposits of other clients	026	-5,939,948	-3,341,841
   Time deposits of other clients	027	415,179,809	279,513,916
   Derivative financial liabilities and other liabilities held for trading	028	0	0
   Other liabilities from operating activities	029	13,651,757	-27,211,210
   Interest received from operating activities [indirect method]	030	372,658,876	324,100,926
   Dividends received from operating activities [indirect method]	031	0	0
   Interest paid from operating activities [indirect method]	032	-90,289,360	-98,336,040
   (Income tax paid)	033	-62,546,015	-42,527,614
   Net cash flow from operating activities (from 1 to 33)	034	-1,565,836,514	-1,179,696,765
   Investing activities
   Cash receipts from the sale / payments for the purchase of tangible and intangible assets	035	-9,553,978	-5,352,459
   Cash receipts from the sale / payments for the purchase of investments in branches, associates and joint ventures	036	5,468,714	3,328,000
   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	4,176,178	13,715,121
   Other receipts /payments from investing activities	039	0	0
   Net cash flow from investing activities (from 35 to 39)	040	90,914	11,690,662
   Financing activities
   Net increase/(decrease) in loans received from financing activities	041	-2,295,618	492,192,212
   Net increase/(decrease) in debt securities issued	042	283,646,712	421,297,069
   Net increase/(decrease) in Tier 2 capital instruments	043	0	0
   Increase in share capital	044	0	0
   (Dividends paid)	045	-447,770,569	-448,319,920
   Other receipts /(payments) from financing activities	046	0	0
   Net cash flow from financing activities (from 41 to 46)	047	-166,419,475	465,169,361
   Net increase/(decrease) of cash and cash equivalents (34 + 40 + 47)	048	-1,732,165,075	-702,836,742
   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	-6,263,086	-21,107,570
   Cash and cash equivalents at the end of period (48 + 49 + 50)	051	3,739,452,784	3,400,358,458

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

5. Statement of changes in equity for the period from 31 December 2024 to 30 June 2025

   		for the period from 31.12.2024	to 30.6.2025												in EUR
   Sources of equity changes	ADP code	Attributable to ow ners of the parent											Non-controlling interest		Total
   		Equity	Share premium	Equity instrumen ts issued other than capital	Other equity	Accumulat ed other comprehen sive income	Retained profit	Revaluation reserves	Other reserves	( ) Treasury shares	Profit or ( - ) loss attributable to owners of the parent	(-) Interim dividends	Accumulate d other comprehen sive 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	465,253,749	0	1,996,305	-4,906,307	526,085,074	0	61,175,022	-268,442	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	465,253,749	0	1,996,305	-4,912,877	526,085,074	0	61,175,022	-268,442	449,641,499	0	0	0	2,349,038,563
   Ordinary shares issue	005	0	177,727	0	0	0	0	0	0	0	0	0	0	0	177,727
   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	-687,500	0	0	0	0	-687,500
   Sale or cancellation of treasury shares	013	0	0	0	0	0	0	0	0	680,842	0	0	0	0	680,842
   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	-858,570	0	0	0	0	0	0	0	0	0	-858,570
   Other increase or (-) decrease in equity	019	0	0	0	0	0	149,053	0	0	0	0	0	0	0	149,053
   Total comprehensive income for the current year	020	0	0	0	0	10,231,622	0	0	0	0	258,339,929	0	0	0	268,571,551
   Closing balance [current period] (from 4 to 20)	021	850,068,233	465,431,476	0	1,137,735	5,318,745	527,536,889	0	61,175,022	-275,100	258,339,929	0	0	0	2,168,732,929

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
      			30 June 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	-	5	-	5	-	-	-	-
      Equity securities held for trading	-	-	-	-	-	1	-	1
      Financial assets mandatorily at fair value	-	8	2	10	-	5	2	7
      Derivative financial instruments	-	48	-	48	-	49	-	49
      Hedge accounting	-	122	-	122	-	96	-	96
      Fair value changes of the hedged items in portfolio hedge of interest rate risk	-	(3)		(3)	-	(19)	-	(19)
      	-	180	2	182	-	132	2	134
      Financial assets at fair value through other comprehensive income
      Debt securities at fair value through other comprehensive income	1,006	538	-	1,544	231	594	-	825
      Equity securities at fair value through other comprehensive income	-	-	1	1	-	-	1	1
      	1,006	538	1	1,545	231	594	1	826
      Total financial assets measured at fair value	1,006	718	3	1,727	231	726	3	960
      Financial liabilities at fair value through profit or loss
      Derivative financial instruments	-	44	-	44	-	47	-	47
      Hedge accounting	-	134	-	134	-	151	-	151
      Fair value changes of the hedged items in portfolio hedge of interest rate risk	-	-	-	-	-	7	-	7
      Total financial liabilities measured at fair value	-	178	-	178	-	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
      30 June 2025
      Financial assets at amortised cost	16,644	16,810	1,143	7,090	8,577
      Financial liabilities at amortised cost	19,614	19,613	-	549	19,064

      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
   			30 June 2025				31 December 2024
   	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
   Gross carrying amount
   Loan commitments given	2,288	265	3	2,556	2,113	333	3	2,449
   Financial guarantees given	280	50	5	335	296	26	4	326
   Commercial guarantees given	1,011	105	24	1,140	953	100	24	1,077
   Other commitments given	25	3	-	28	32	3	-	35
   Total	3,604	423	32	4,059	3,394	462	31	3,887

   EUR million
   			30 June 2025				31 December 2024
   	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
   ECL allowance
   Loan commitments given	(10)	(11)	(2)	(23)	(12)	(14)	(2)	(28)
   Financial guarantees given	(2)	(2)	(2)	(6)	(2)	(2)	(3)	(7)
   Commercial guarantees given	(8)	(3)	(11)	(22)	(13)	(5)	(12)	(30)
   Other commitments given	-	-	-	-	(1)	-	-	(1)
   Total	(20)	(16)	(15)	(51)	(28)	(21)	(17)	(66)

3. Events after the reporting period

There were no significant reportable events after the reporting period.