Garanti Group Romania posted a net profit of over RON 140 million in 2018

Garanti Group Romania, which brings together Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered a consolidated net profit of RON 140.3 million in 2018, reaching an asset size of RON 11.79 billion.

On solo basis, Garanti Bank posted a net profit of RON 113.3 million. The bank’s business strategy of focusing on organic development and growing a healthy and balanced portfolio led to a loan volume of RON 7.13 billion and an increase of almost 4% in its deposits volume to RON 7.97 billion. Deposits grew primarily due to the Retail and SME segments, with a significant 60% increase in the individual deposits and 40% in SME deposits, signaling an enhanced savings behaviour of the clients.

Garanti Bank’s risk indicators are at a comfortable level. The bank continues to be well capitalized, with a solid liquidity position and a low cost of risk, reflecting its sustainable business model.

“2018 was another profitable year for all Garanti institutions, as we have consolidated our position in the market in a healthy and balanced manner. Our mission for 2019 is to maintain our momentum, to focus on calibrating our strategy according to our customers’ needs, in order to continue to be a solid, responsible and trust-worthy financial partner. We will continue to have a long term commitment to the Romanian market and we target to bring further added value to the industry, and the local economy as a whole”, 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 2018, TGB posted a consolidated net income of TL 6.7 billion (EUR 1.11 billion) and an asset size of TL 399.15 billion (EUR 66.28 billion), while its contribution to the economy through cash and non-cash lending totaled TL 311.17 billion (EUR 51.67 billion). TGB serves to 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 2018, BBVA registered a net attributable profit of EUR 5.32 billion.