Garanti Group Romania posts net profit of RON 38m in Q1 2019

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Garanti Group Romania, which brings together Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered a consolidated net profit of RON 38 million in the first quarter of 2019, reaching an asset size of RON 12 billion.

On solo basis, in the first three months of 2019, Garanti Bank posted a net profit of RON 31 million and net revenues of RON 99.4 million. The Group’s non-banking institutions also registered a net profit, at the end of the first quarter: Garanti Consumer Finance RON 2.2 million and Garanti Leasing RON 4.8 million.

During the first three months of this year, Garanti Bank’s overall loan volume reached RON 7.25 billion, while the deposits portfolio registered a total volume of RON 7.85 billion.

Garanti Bank continues to be significantly lower than the sector average in terms of  non-performing loans (NPL) and to register impressive results in deposits, especially on the Retail and SME segments, with a year-on-year increase of individual deposits of 61.7%, and a year-on-year SME deposits increase of 40.5%.

We had a good start of the year 2019, in line with our business objectives. We have continued to witness a significant evolution in deposits, fact which mirrors clients’ increased interest for competitive savings products. We expect this trend to continue in the following months as well. Given the market context, overall, this year we aim to focus mainly on maintaining a healthy and balanced portfolio and maximize client satisfaction”, stated Ufuk Tandoğan, CEO of Garanti Group Romania.

Garanti Group Romania is held by Turkiye Garanti Bankasi AS (TGB), the second largest private bank in Turkey. In the first quarter of 2019, TGB posted a consolidated net income of TL 1.76 billion (EUR 278.71 million) and an asset size of TL 423.32 billion (EUR 67.16 billion), while its contribution to the economy through cash and non-cash lending totaled TL 323.22 billion (EUR 51.28 billion). TGB serves to over 16 million customers in corporate, commercial, SME, and consumer segments, offering fully integrated financial services.

Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) is the majority shareholder of TGB. In the first quarter of 2019, BBVA registered a net attributable profit of EUR 1.16 billion.

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