Croatia’s Zagreb Stock Exchange audit shows 95% clean opinions; Serbia’s banks report record profits

The Croatian Financial Services Agency (HANFA) analysed the 2025 audited annual reports of issuers listed on the Zagreb Stock Exchange. Of the 73 reports reviewed, 95 % received an unmodified auditor’s opinion, up from 91 % the previous year. All six issuers on the Leading market and all 24 on the Official market obtained clean opinions, while the Regular market saw four modified opinions and three issuers that did not publish revised reports. The agency also noted an increase in sustainability reporting, with 35 issuers submitting reports that met European sustainability reporting standards.

In Serbia, banks posted a landmark profit year in 2025. Sixteen banks recorded individual profits exceeding one billion dinars, and the combined profit of 19 banks rose 6 % to 166.5 billion dinars (about €1.4 billion), placing them among the top‑100 domestic companies by earnings. Net interest income approached 250 billion dinars despite a modest decline in net interest margin, while credit growth accelerated to 15.4 % in December, driven by household and mortgage lending. Non‑performing loans fell to 2.1 % and fee‑based income grew 8 %, underscoring the sector’s strong profitability.