Garanti Romania Q1 profits soar 70 percent to EUR 9.9 million

The net profit of Garanti Romania, a group comprising four financial companies, grew by 70 percent in Q1 to EUR 9.9 million, while the consolidated revenues rose by 62 percent to EUR 45.4 million.

Garanti Bank saw profits more than double to EUR 8.4 million and the consumption loans arm Garanti Credite de Consum posted a profit of EUR 400,000. Garanti Leasing and Garanti Credite Ipotecare (mortgage loans) recorded profits of EUR 700,000 and EUR 400,000 respectively.

Ufuk Tandogan, CEO Garanti Group Romania, said: “Garanti Group continues its strategy in the Romanian banking market, with a strong emphasis on adapting offers to local consumers’ needs.”

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“We will continue our organic growth based on the careful risk management, in order to have a healthy long-term growth. We also enjoy the security offered by our shareholder, Turkiye Garanti Bankasi, which has impressive funds and know-how at a time when Turkey’s economy is growing”, added Tandogan.

Garanti Bank operates through a network of 78 agencies. It has 246 smart ATMs and over 7,500 POS.

Turkiye Garanti Bankasi, the shareholder of Garanti Group Romania, registered a consolidated net profit of EUR 516 million in Q1. Its assets amounted to EUR 81.2 million.

Ovidiu Posirca