Gránit Bank pre-tax profit climbs to HUF 240 mln

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Gránit Bankʼs pre-tax profit rose to HUF 240 million last year, Minister for National Economy Mihály Varga said at the commercial bankʼs annual general meeting on Friday, according to Hungarian news agency MTI.

“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.

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