IC Market Espresso 15 Jun 2021

 
NLB Approves EUR 1.24 DPS in Two Instalments
At the current share price, dividend yield is 1.9%. Ex date for the first instalment is 18 June 2021.

NLB held their GSM yesterday in which the shareholders of the bank approved the distributable profit in the amount of EUR 24.8m which shall be paid to the shareholders as dividends in two instalments. The distributable profit of NLB amounts to EUR 341.99m and consists of net profit for 2020 in the amount of EUR 113.95m and retained earnings from previous financial years in the amount of EUR 228.0m

In accordance with the recommendation of the ECB, the Regulation of the Bank of Slovenia and adopted resolution of the General Meeting, NLB will pay on 22 June 2021 the first instalment of dividends in the total amount of EUR 12m, which is EUR 0.60 per share and on 18 October 2021 the second instalment of dividends in the total amount of EUR 12.8m, which is EUR 0.64 per share. We note that the Management Board is entitled and obliged to cancel in part or in full the payment of the second instalment of the dividend if the payment would be in conflict with the regulations.

At the current share price, dividend yield is 1.9%.

Ex date for the first instalment is 18 June 2021. If the payment of the second dividend instalment is not cancelled, ex date will be 14 October 2021.

Value of Last Week’s Taxable Invoices Up 21.5% YoY
This is still 5.5% lower compared to the same week in 2019.

The weekly data issued by the Croatian Tax Administration, a department of the Ministry of Finance, shows that the total value of taxable invoices issued last week is up by 21.45% up YoY, reaching HRK 4.1bn. This is still 5.5% lower compared to the same week in 2019.

The value of taxable invoices regarding the wholesale and retail trade activities were up 17% YoY, reaching HRK 2.86bn.  Compared to the same week in 2019, value of invoices remained flat.

When observing the value of taxable invoices regarding the accommodation and food services activities, we see a 36% increase compared to last year, reaching HRK 420m. This is still substantially lower than compared to the same week in 2019, by 40.2% (or HRK 282.8m) to be exact.

Continuation of Growth on Croatian Insurance Market in May
In the first 5 months of 2021, GWPs increased by 12.1% YoY. GWPs in non-life insurances grew 11.6% YoY, while life insurance increased by 13.5% YoY.

Croatian Insurance Bureau published the GWP development in May 2021. In the first 5 months of 2021, GWP’s observed a significant growth of 12.1% YoY (or HRK 584.6m), indicating a very solid start of the year.

The total amount of collected GWPs was HRK 5.43bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country). Earlier mentioned increase came back strong on both, life and non-life insurances.

The life segment has shown significant growth of 13.5% YoY (or HRK 163m) to 1.2bn. The Croatian largest insurance company has 19% market share in life segment, with the strong GWP growth of 43.65% YoY (to HRK 258.5bn). Slovenian largest insurance company, Triglav osiguranje, has shown solid growth in Croatian market by 6.47%.

Non-life segment is still dominant in the total share of collected GWP’s in Croatia by 74.8%. This segment grew by 11.6% (or HRK 4.06m). Croatia osiguranje has the biggest market share 29.92%. Triglav osiguranje has noted strong growth in the first 5 months of 2021 as the performance in this category grew by 28.43%. The is the highest growth rate among insurers in non-life insurance, in observed period.

In non-life segment, the highest share has insurance against civil liability in respect of the use of motor vehicles (which accounts for 22.65% of GWPs), also recorded a high increase of 17.65% YoY (or HRK 182.5m). The second largest segment is vehicle insurance (casco policy) which accounts for 10.9% of total GWPs. Due to frequent and strong earthquakes in Croatia the two related insurance policies has grown: fire and elemental insurance (+14.8% YoY) and other property insurance (+13.27%).

On the other hand, the highest decrease was in insurance for legal liabilities, which fell by 33.45%, while the highest nominal decrease was in assistance insurance by HRK 1.79m.