The state-owned export credit agency, Eximbank increased its lending 2.5-fold last year. The value of loans disbursed rose to almost HUF 1,450 billion (EUR 3.7 billion).
The loan portfolio grew by 50% to almost HUF 2,500 billion (EUR 5.5 billion), its balance sheet total by three quarters to HUF 3,640 billion (EUR 9.4 billion). Its net profit increased from HUF 2.25 billion (EUR 5.8 million) in 2022 to HUF 18.5 billion (EUR 48.1 million).
The bank attributes the record level of loans to the strong demand for low-interest loan programs and the expansion of direct domestic borrowing. In particular, the reindustrialization support program launched in 2023 with a total volume of HUF 1,000 billion (EUR 2.6 billion) contributed to the good result.
The government increased the financing framework by a further HUF 200 billion (EUR 520.8 million) at the start of 2024. In addition to borrowing, new bond issues on the domestic market and, after almost a decade, on the international market in particular enabled Eximbank’s expansive lending. In spring 2023, for example, one of the largest issues in the history of the Hungarian capital market was concluded with a value of USD 1.25 billion. In fall 2023, investors again subscribed to an Eximbank bond worth EUR 1 billion.