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Garanti Group Romania registered a net profit of RON 98 million in the first semester

The Group registered its best performing semester

Bucharest, July 31st, 2019 – Garanti Group Romania, one of the most dynamic financial groups on the local market, which brings together Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered, in the first six months of 2019, its best performing semester in Romania, thanks to effective loan portfolio management and operational efficiency.

Between January and June, Garanti Group Romania registered a consolidated net profit of RON 98 million, approximately 25% higher than in the same period last year, while the total assets volume size grew by 4.5% within the same timeframe, currently exceeding RON 12.1 billion. In the first six months of the year, the Group registered RON 263.2 million net revenues.

On a stand alone basis, Garanti Bank posted a net profit of RON 77.6 million, increasing by over 20% y-o-y. The bank’s business strategy of growing a healthy and balanced portfolio led to a loan volume of RON 7.19 billion, while the deposits volume increased by over 5% y-o-y, reaching RON 8.19 billion at the end of June. Deposits continued the same ascending trend since the beginning of the year, their overall growth being primarily due to the Retail and SME segments. Comparing with same period last year, individual deposits grew by 61% while SME deposits by almost 38%.

Garanti Bank’s risk indicators are at a comfortable level. The bank continues to be well capitalized, with a solid liquidity position and a low cost of risk, reflecting its sustainable business model.

“Our efficient and rigurous business strategy has determined very good half of the year achievements. We are in line with our objectives for 2019 and we are currently on the path of registering excellent results. We have a long term commitment to the Romanian market and we target to bring further added value in our clients’ lives, in the banking industry, and to the local economy”, stated Ufuk Tandoğan, CEO of Garanti Group Romania.

The Group’s non-banking financial institutions, operating in the field of leasing and consumer finance, also registered a net profit of RON 20.3, at the end of the first semester of 2019.

Garanti Group Romania is held by Garanti BBVA, the second largest private bank in Turkey. In the first half of 2019, Garanti BBVA posted a consolidated net income of TL 3.67 billion (EUR 560.42 million) and an asset size of TL 422.28 billion (EUR 64.48 billion), while its contribution to the economy through cash and non-cash lending totaled TL 316.12 billion (EUR 48.27 billion). Garanti BBVA serves over 17 million customers in corporate, commercial, SME and consumer segments, offering fully integrated financial services.

Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) is the majority shareholder of Garanti BBVA. In the first half of 2019, BBVA registered a net attributable profit of EUR 2.44 billion.

Garanti Group Romania is composed 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). The two non-banking financial institutions complete Garanti Bank’s offer with specific leasing products, fleet management services, and consumer loans. Garanti Group provides financial services on the local market to more than 500,000 customers.

Garanti Bank Romania offers a range of quality products and services for all business segments: retail, SME and corporate, and is one of the most dynamic and innovative banks in the local market. Present in Romania since 1998, the bank has developed a solid portfolio of clients and has expanded its national presence through branch offices and alternative channels, reaching an extensive network of smart ATMs that can be used by anyone, not just bank customers, for transactions with or without a card.

In 2018, Garanti Bank was nominated as Superbrand, emerging from a list of over 1,500 brands analyzed by Superbrands Romania. Moreover, Garanti Bank was awarded by the prestigious Global Finance magazine for “Best Consumer Digital Bank in Romania” at the 2018 World’s Best Consumer Digital Banks event, being the 11th prize that Garanti Bank received in the past ten years.

For more information, please visit www.garantibank.ro

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