Garanti Group Romania sees 8 pct profit hike in first nine months

Garanti Group Romania has reached a total net profit of RON 98.5 million (EUR 21.93 million), in the first nine months of 2015, increasing by 8 percent as compared to the same period in 2014, company representatives announce.

The financial group also registered RON 429 million (EUR 95.5 million) net revenues, while the total assets volume size grew by 10 percent amounting to RON 9.50 billion (EUR 2.11 billion).

Garanti Bank registered a net profit of RON 70 million at the end of September and a net revenue of RON 347.9 million. The Group’s non-banking institutions also showed net profit at the end of the third quarter: Garanti Consumer Finance RON 20.7 million and Garanti Leasing RON 7.8 million.

Garanti Bank’s overall loans volume reached, in the first nine months of the year, a total of RON 6.3 billion, a 23 percent increase y-o-y.

“2015 has been a dynamic year for us. Lending has grown progressively from quarter to quarter and we expect to show sustainable growth until the end of the year. We will continue our strategy of satisfying our clients’ needs with the help of innovative financial services, a growing network of agencies, a trusted online platform, a wide network of smart ATMs and a highly qualified team,” stated Ufuk Tandogan, CEO Garanti Group Romania.

Compared to the first nine months of 2014, SME lending grew by 6.6 percent, corporate lending by 19.6 percent and retail lending by 37 percent.

Customer deposits also registered a 25.3 percent growth, amounting to a total of RON 4.53 billion.

Garanti Group Romania is held by Turkiye Garanti Bankasi AS (TGB). In the first nine months of 2015, Garanti Bank posted a consolidated net income of TL 2.72 billion (EUR 810.5 million), while asset size reached TL 293.25 billion (EUR 87.4 billion). The bank serves more than 10 million customers in corporate, commercial, SME, and consumer segments offering fully integrated financial services.

Garanti Group Romania consists of Garanti Bank, Garanti Leasing (the brand under which Motoractive IFN SA operates) and Garanti Consumer Finance (the brand under which Ralfi IFN SA operates).