Garanti Romania H1 profit doubles to EUR 20 mln on higher revenues

Garanti Romania said its consolidated group profit doubled to EUR 19.8 million in the first semester against the same period of last year, supported by growth in all the business segments.

The group’s consolidated revenues rose to EUR 64.8 million and its assets amounted to EUR 1.7 billion.

Meanwhile, Turkiye Garanti Bankasi, the parent of Garanti Romania, reported an unconsolidated net profit of EUR 769 million and total assets worth EUR 80 billion.

Ufuk Tandogan, CEO Garanti Group Romania, said : “Garanti Group managed to maintain a steady upwards course by growing across all segments, acquiring new clients, increasing its deposits and offering more loans, especially on the SME segment – the engine of growth in the current economic context. ” He added that Garanti Romania aims to remain profitable despite “conservative” estimations on the second half of the year.

All the group’s arms were in the black in the first half: Garanti Bank increased its profit four fold to EUR 17.1 million, while Garanti Credite de Consum, the consumer credit provider, registered a profit of EUR 900,000. The profits of Garanti Leasing and Garanti Credite Ipotecare, the mortgage loan arm, rose by EUR 1.3 million and EUR 500,000, respectively.

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Garanti Bank currently operates through 78 branches across Romania, reporting 250 BancoSmart ATMs and 7,650 POS.

Ovidiu Posirca