State-owned Hungarian Development Bank (MFB) recorded a net income of HUF6.14 bn (US$27.4 m) in 2003, according to the company's audited financial report. This represents a marked turnaround compared to the 2002 loss of HUF137bn, which occurred mainly due to write-offs.
The improvements was also due to higher margins in lending activity, according to economy minister Istvan Csillag, who exercises ownership rights over MFB. The bank posted net interest income of HUF18bn last year, up from just HUF4.5bn a year earlier.
In the first quarter of 2004, MFB granted loans totalling HUF45.4bn under its flagship Europe Technology and Convergence Programme, to a total of 776 recipients.
