Garanti Group Romania registered in Q1 2014 a net profit of EUR 10.6 million

Garanti Group Romania, one of the most dynamic and innovative financial Groups on the local market, registered in the first three months of 2014 a consolidated net profit of EUR 10.6 million, a 7.4% growth compared to the same period last year and net revenues amounting to EUR 34.2 million.

In Q1, its total assets reached EUR 1.96 billion, a 15.6% increase year on year.


Garanti Bank, part of the financial-Group, registered at the end of March 2014 a net profit of EUR 9.2 million, a growth of 8.9% compared to Q1 2013. Also, its net revenues amounted to EUR 28.2 million.


Meanwhile, the non-financial institutions also continued their steady development and registered net profits of: Garanti Consumer Finance (the brand under which Ralfi IFN SA operates) EUR 0.6 million, Garanti Leasing (the brand under which Motoractive IFN SA operates) EUR 0.6 million and Garanti Mortgage (the brand under which Domenia Credit IFN SA operates) EUR 0.2 million. In March 2014, Garanti Bank and Garanti Mortgage announced that they have initiated formal procedures for the merger of the two companies in Romania, which is expected to be finalized by the end of this year.


“Our results for the first quarter of 2014 are due to the fact that we are always paying attention to our clients and are constantly making efforts to come up with products, services and offers that meet their real needs. Thus, we have managed to once again register results above the market average and grow in all business lines”, stated Ufuk Tandogan, CEO Garanti Group Romania.


During the first three months of 2014, Garanti Bank’s overall loan volume reached EUR 1.14 billion, a 9.8% increase year on year. All business segments (retail, SME and corporate) recorded growth in respect to the loans granted, maintaining a balanced portfolio between the commercial and retail loan clients. At the same time, the volume of customer deposits registered a 33.2% growth compared to the same period last year.


Currently, Garanti Bank has a nationwide presence through 78 agencies. The number of BancoSmart ATMs increased to 287, a 16.7% growth compared to Q1 2013,being the widest national network of intelligent ATMs.


In the first quarter of 2014, Turkiye Garanti Bankasi A.S., Garanti Bank’s parent bank, posted an unconsolidated net income of TL 760.33 million (EUR 260.81 million). Garanti’s asset size reached TL 201.69 billion (EUR 69.18 billion), while its contribution to the economy through cash and non-cash lending totaled TL 155.44 billion (EUR 53.32 billion).