Garanti Group Romania’s profit to RON 143.4 mln in 2017

Garanti Group Romania, one of the most dynamic financial groups on the local market, comprising Garanti Bank, Garanti Leasing and Garanti Consumer Finance, has recorded a consolidated net profit of RON 143.4 million in 2017, representing the best performing year in Romania.

Furthermore, last year, Garanti Group registered consolidated net revenues of RON 620.7 million, as well as an increase of almost 13 percent in its total asset volume, reaching RON 11.44 billion.

Garanti Bank, only on a solo basis, registered a RON 109.7 million net profit at the end of December, reaching a Return on Equity (ROE) of above 10 percent, incurring profitability of all its business lines. The bank’s efficient business strategy of growing a healthy portfolio led to a 8.1 percent year-on-year increase in its loan volume (from RON 6.71 billion in 2016, to RON 7.25 billion in 2017), and a 22.8 percent year-on-year increase in its deposit volume (from RON 6.24 billion in 2016, to RON 7.67 billion in 2017).

The NPL ratio has continuously decreased, being considerably below the market average, while the NPL coverage rate by provisions is above 50 percent. Both capital and liquidity ratios further improved, showing a strong capitalization and a sound liquidity position, while having a low cost of risk reflecting the long term sustainability of the bank’s business model.

“2017 was our best year in Romania and we have a long term strategy of being a trustworthy financial partner to our clients, across all business lines, and to maintain our profitability in a sustainable manner. We aim to continue to consolidate our position. We will keep our focus on our employees’ and customers’ satisfaction and always increase the quality of our services, by investing in our digital channels,” said Ufuk Tandogan, CEO Garanti Group Romania.

Garanti Bank is one of the top five credit card issuers on the market, with Bonus Card being one of the most popular payment instruments, while its national POS network exceeds 12,000 units.

As an integrated financial services group, Garanti Group’s non-banking institutions also showed solid results in 2017: Garanti Consumer Finance reached a RON 19.6 million net profit and Garanti Leasing registered a net profit of RON 14.2 million.