“The government is satisfied with the bankʼs development,” Varga said, noting that the state holds a minority stake in the lender.

According to Gránit Bankʼs own website, the state held a share of just under 45% in the bank as of the AGM, with the rest owned by private investors. Gránit Bankʼs shareholders approved a joint capital raise of HUF 1.12 bln by Pannónia Pension Fund and MKB Pension Fund through the issue of new shares. As a result, the stateʼs stake in the bank has dropped to around 36%, MTI reported.

Gránit Bank finished the year with total assets of more than HUF 228 bln, up 50% from a year earlier, the Ministry for National Economy said in a statement. Lending stock rose more than 88% and the quality of the portfolio “remains outstanding,” it added.

Earnings were up 50% and shareholders decided unanimously to place them in profit reserves.

In a separate statement, Gránit Bank said pre-tax profit rose 71%.

The bankʼs stock of loans climbed over HUF 100 bln and 99.8% of the portfolio was problem-free.

The deposit stock rose 55% to HUF 176 bln. Client numbers grew to more than 30,000.