Garanti Group Romania net profit stood at EUR 8.3 mln in 2011

Turkish financial group Garanti registered in Romania a net profit of EUR 8.3 mln last year and aims to increase it by 50 percent this year.

Profit was registered in all segments of the group: Garanti’s Bank profit stood at EUR 3.1 million, the mortgage arm netted EUR 2 million, and retail lending reported a profit of EUR 1.7 million, while the profit of leasing operations totaled EUR 1.5 million.

Garanti’s bank assets increased to EUR 1.45 billion. Lending gained 19 percent y/y to EUR 936 million, while deposits totaled EUR 467 million.

The bank has a “BB+” rating for long term debt, with stable perspective and a “b” viability rating from Fitch Ratings

Garanti Group is owned by Turkyie Garanti Bankasi, the second private bank in Turkey, with assets worth EUR 66 billion and a consolidated net profit of EUR 1.3 billion in 2011.

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Ovidiu Posirca