Garanti Group Romania profit at RON 96 mln in H1

Garanti Group Romania has recorded a RON 96 million consolidated net profit in the first semester of the year. The group’s total asset volume reached RON 10.51 billion.

Garanti Bank registered a RON 78.1 million net profit at the end of June and its commercial results 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. 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 rose by 15 percent, exceeding 12,000 units.

“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,” said Ufuk Tandogan, CEO Garanti Group Romania.

The risk indicators of Garanti Bank have a comfortable level. The NPL ratio is 1 pp below the market average, while 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.

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The Group’s non-banking institutions also showed solid results in the first semester: Garanti Consumer Finance reached a net profit of RON 10.5 million, and Garanti Leasing with RON 7.3 million in net profit.

Garanti Group consists of Garanti Bank, Garanti Leasing (the brand under which Motoractive IFN SA operates) and Garanti Consumer Finance.

Garanti Group Romania is held by Turkiye Garanti Bankasi AS (TGB), the second largest private bank in Turkey. The Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) is the majority shareholder of TGB.