Topic · Banks on the Zagreb Stock Exchange — all six side by side

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Topic: all six banks we cover, on the same day (15 Sep 2026) and by the same measures. No stance and no debate — the debate on each bank runs in its own thread.

Price, fair-value zone and position: ZABA EUR 24.00 (zone 23.09–32.69) inside; HPB EUR 326.00 (251.01–359.34) inside; IKBA EUR 590.00 (508.53–668.92) inside; KBZ EUR 39.80 (31.98–40.69) inside, at the upper edge; PDBA EUR 79.50 (76.77–80.71) inside; SNBA EUR 19.00 (45.82–48.17) below the zone.

Multiple of book and return (SNBA's ROE contains the one-off effect of the acquisition): SNBA 0.35 at a 47.9% ROE; PDBA 0.74 at −3.4%; IKBA 1.04 at 13.2%; KBZ 1.06 at 9.7%; HPB 1.15 at 10.2%; ZABA 2.60 at 19.3%.

Three recurring patterns: 1) Net interest income fell in FY2025 at five of the six — HPB −13.3%, PDBA −13.2%, IKBA −12.2%, KBZ −5.9%, ZABA −4.3%. SNBA shows +79.6%, but its FY2025 is the first consolidated report (audited GFI, marked KD), consolidating the acquired Solvera stambena štedionica d.d. for the first time — that year is not comparable with the previous one because it measures a different scope. 2) Profit fell at four: HPB −20.1% (EUR 73.54m → 58.77m), KBZ −19.4% (8.77 → 7.07), IKBA −13.7% (12.83 → 11.07), PDBA from EUR 7.52m of profit to a EUR 2.47m loss. It rose at ZABA (+2.9%) and at SNBA, where EUR 23.72m of the EUR 24.74m pre-tax profit sits in “Other income from ordinary operations” in the first year of consolidation. 3) The FY2025 dividend was cut at four: IKBA −52.8% (EUR 36.00 → 17.00), KBZ −50.0% (4.30 → 2.15), HPB −19.7% (21.83 → 17.54), ZABA −9.3% (1.40 → 1.27). SNBA pays for the first time (EUR 0.72); PDBA has no cover in FY2025 earnings.

Ownership and liquidity: free float below 10% at ZABA (2.67%), HPB (5.62%) and KBZ (7.79%) — for these our methodology marks the price-to-zone gap as uninformative. Trading days in the year: ZABA 248, HPB 234, SNBA 161, IKBA 148, KBZ 70, PDBA 46.

  1. Usporedba dionica ZSE: cijene, P/B, ROE i prinosi svih šest banaka — source
  2. Kalendar dividendi: isplate FY2022–FY2025 po bankama — source
  3. Financije ZABA / HPB / IKBA: kamatni prihod i dobit 2023.–2025. — source
  4. Financije KBZ / PDBA / SNBA: kamatni prihod i dobit 2023.–2025. — source
  5. Metodologija (bankovni arhetip): kapitalne metode; ograda za nizak free float — source
  6. Godišnje izvješće SNBA za 2025. (revidirani GFI): oznaka konsolidacije KD; ovisni subjekt Solvera stambena štedionica d.d. — source

Questions for readers

  1. Five of six banks report falling interest income in the same year, and four cut their dividend. Do you view banks as a group sharing one cycle, or each on its own, by its owner and market?
  2. Three of the six have a free float below 10%, so our methodology marks the price-to-zone gap as uninformative for them. Does such a listing hold any practical value for you?
  3. Multiples of book in the group range from 0.35 (SNBA) to 2.60 (ZABA). SNBA's return that year carries the one-off effect of an acquisition. How much of the spread do you think is explained by a durable return on equity, and how much by ownership and liquidity?

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