Garanti Bank Q1 net profit gains 8.9 percent to EUR 9.2 mln on higher lending

Newsroom 13/05/2014 | 17:18

The net profit of Garanti Bank, part of Garanti Group Romania, rose by 8.9 percent to EUR 9.2 million in the first quarter against the same period of last year, supported by higher lending.

Garanti reported a net profit of EUR 10.6 million at group level, which is a 7.4 percent increase year-on-year, while the assets added 15.6 percent to EUR 1.96 billion.

The net profit of Garanti Consumer Finance (the branch under which Ralfi IFN operates) stood at EUR 600,000. Garanti Leasing (the brand under which Motoractive IFN operates) and Garanti Mortage (the branch under which Domenia Credit IFN operates) reported net profits of EUR 600,000 and EUR 200,000, respectively.

“Our results for the first quarter of 2014 are due to the fact that we are always paying attention to our clients and are constantly making efforts to come up with products, services and offers that meet their real needs. Thus, we have managed to once again register results above the market average and grow in all business lines”, said Ufuk Tandogan, the group’s CEO.

The bank’s net revenues amounted to EUR 28.2 million. The loan book has gained 9.8 percent to EUR 1.14 billion on the back of growth in retail, SME and retail segments. Customer deposits surged 33.2 percent, but the bank did not mention to what level.

Garanti Bank operates through a network of 78 agencies. The lender has increased the number of BancoSmart ATMs by 16.7 percent to 287.

Turkiye Garanti Bankasi, the group’s parent, reported a net income of EUR 261 million in the first three months, while the assets amounted to EUR 69 billion.