Garanti Group 2013 net profit at EUR 27 mln on higher lending

The net profit of Garanti Group Romania, owned by Turkiye Garanti Bankasi, reached EUR 27 million last year, driven by higher lending in the SME segment.

The group saw its revenues gain 11 percent to EUR 118.6 million, supported by growth in all business lines. Its total assets rose 7.4 percent to EUR 1.93 billion.

Garanti Bank’s profits amounted to EUR 20.7 million, while the non-banking arms were also in the black. Garanti Consumer Finance had a profit of EUR 2.7 million, and the profits of Garanti Leasing and Garanti Mortgage amounted to EUR 3 million and EUR 600,000 respectively.

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“We will continue our prudential growth strategy, focusing on supporting customers across all segments by offering them short and long-term lending, thus contributing to the sustainable development of the local economic environment”, stated Ufuk Tandogan, the group’s CEO.

The loan book gained 5.4 percent year-on-year to EUR 1.09 billion. Lending to the SME segment rose by 17 percent, while the retail segment maintains the highest volume in its portfolio. Deposits rose by 42.3 percent in volume last year.

The bank currently has a network of 78 agencies and more than 280 smart ATMs, while the number of POSs exceeded 8,000.

Last year, the group’s parent posed a net income of EUR 1.2 billion, while its total assets reached EUR 67.4 billion.

Ovidiu Posirca