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Gránit Bank reports losses; Varga promises profit in 2014

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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.

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