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Results for Garanti BBVA in 2023: Solid profit and significant increases in loans and deposits

Bucharest, May 13th, 2024 – Garanti BBVA Romania recorded a net profit of 177 million lei in 2023 and operating revenues of 521 million lei. With these results, the bank successfully achieved its targets set for the previous year.

Garanti BBVA recorded solid results both in terms of loans and deposits, reflecting the organization`s focus on maintaining a strong and balanced portfolio.

Thus, Garanti BBVA recorded a total loan volume of 9.2 billion lei in 2023, an increase of 7%, and deposits of approximately 12 billion lei, 15% higher than in 2022. The increases were driven by growth in all business segments – Corporate, Retail, and SMEs – highlighting the trust of both individual and corporate clients in the bank.

Loans granted by Garanti BBVA to retail customers increased by 19%, reaching over four billion lei, while loans to SMEs increased by 10%, reaching 2.4 billion lei. Similarly, deposits from individuals increased by 21%, to 4.4 billion lei, and SME deposits increased by 22%, to 3.7 billion lei.

“In 2023, Garanti BBVA continued to make significant strategic progress compared to the previous year, which was its most profitable year in Romania’s history. In short, last year, we supported our customers with a growing loan portfolio and we saw an increase in customer deposits across all segments: companies, SMEs, and retail. This indicates increased confidence in our services and underscores the bank’s role in promoting financial stability and prosperity. Moving forward, we will continue to place the customer at the center of our actions and commit to making a series of investments to improve their interactions with the bank’s products and services“, said Mustafa Tiftikcioğlu, CEO of Garanti BBVA Romania.

In 2023, the bank’s total assets amounted to over 15.2 billion lei.

Additionally, Garanti BBVA strengthened its reach and accessibility, registering a 5% increase in the number of clients. The issuance of debit and credit cards also saw a 6% increase by the end of 2023.

With these results, Garanti BBVA demonstrated resilience and achieved its financial objectives for 2023, despite economic unpredictability, reflecting a solid business model, well-chosen strategic initiatives, innovation focus, and team dedication.

 

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About Garanti BBVA

Garanti BBVA is part of Garanti BBVA Romania Group, together with Garanti BBVA Leasing and Garanti BBVA Consumer Finance, which completes the bank’s offer with specific leasing products, fleet management services, as well as consumer loans. In 2023, the bank celebrated 25 years of active presence within the Romanian banking system.

Garanti BBVA Romania is owned by Garanti BBVA Turkey (TGB), the second largest private bank in Turkey. The majority shareholder of Garanti BBVA Turkey is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).

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