Gránit Bank 4Q25 Review
▪ Granit Bank’s group-level post-tax profit exceeded our expectations for 2025 (actual: 19.0Bn; forecast: 14.0Bn;
+36% outperformance).
▪ Total assets grew by 11% YoY to 1 865Bn at the end of 2025. This expansion was supported by a capital hike of
nearly 48Bn in the fourth quarter of 2024, including a 17.7Bn IPO and a 30.0Bn employee share ownership program.
The deployment of the raised capital provides a solid foundation for further growth.
▪ Adjusted Return on Equity (ROE, adjusted for windfall taxes) was 14.5% in 2025 vs 27.2% in 2024, in line with
expectations, primarily due to the unfavourable impact of the increased shareholders' equity.
▪ In line with plans, the bank intends to start paying dividends no earlier than 2027 after the 2026 financial year.
Dividends will be capped at 25% of earned profit.