Garanti Group Romania, composed of Garanti Bank, Garanti Leasing and Garanti Consumer Finance, has recorded a RON 96 million consolidated net profit, in the first semester of the year, as a press release informs. The Group’s total asset volume reached RON 10.51 billion.
On solo basis, Garanti Bank registered a RON 78.1 million net profit at the end of June, its commercial results having played a highly significant role in this regard. The bank’s loan volume reached RON 6.96 billion, in the first semester, representing a 7.1 percent increase year-on-year. Furthermore, the volume of customer deposits registered an 18.5 percent year-on-year growth, reaching RON 6.84 billion, with all business lines contributing to such increase.
In the first half of the year, Garanti Bank’s card portfolio increased by 10 percent, reaching almost 300,000 issued cards. Moreover, Garanti’s POS national network has intensified in the first six months, the number of Garanti POSs having risen by 15 percent, exceeding 12,000 units.
The risk indicators of Garanti Bank enjoy a comfortable level. The NPL ratio is 1 pp below the market average, while the the NPL coverage rate by provisions is higher than the market average, according to the most recent available data at the level of the banking system.
“We will maintain our momentum for sustainable growth and healthy development on the Romanian market, as part of our long term strategy of growing in an efficient way and being a trustworthy financial partner to our clients, across all business lines,” Ufuk Tandoğan, CEO Garanti Group Romania stated.
The Group’s non-banking institutions also showed solid results in the first semester: Garanti Consumer Finance reached a RON 10.5 million net profit, and Garanti Leasing – RON 7.3 million net profit.
Garanti Group Romania is held by Turkiye Garanti Bankasi AS (TGB), the second largest private bank in Turkey, which posted a consolidated net income of TL 3.12 billion (EUR 773.83 million) and an asset size of TL 335.94 billion (EUR 83.85 billion) in H1 of 2017.