ADVERTISEMENT

Gránit Bank reports losses; Varga promises profit in 2014

Music

Through the state’s minority-owned Gránit Bank reported total assets of HUF 72.9 billion while taking a loss for 2013 at a meeting of shareholders, National Economy Minister Mihály Varga forecasts a rosy future for the venture. 

Gránit chairman/CEO Éva Hegedüs informed shareholders yesterday that the bank had taken a HUF 435 million loss in 2013, actually an improvement over the HUF 532 million hit taken in ’12.

Total assets were up 42% year-on-year to HUF 72.9 billion as of year’s end. 

Varga stated after the meeting that the bank would nevertheless become profitable in 2014.
TriGránit chairman/CEO Sándor Demján established Gránit Bank in 2010 in order to assist Hungary-based SMEs during economic crisis. The state acquired a 49% share in the bank with a HUF 2.58 billion investment last summer.

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.