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Business growth for Garanti Group Romania: revenues of EUR 70.2 million and profit of EUR 16.9 million in the first six months of 2014

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2014-07-28 18:41

Garanti Group Romania, one of the most dynamic and innovative financial Groups on the local market, registered in the first semester 2014 consolidated net revenues amounting to EUR 70.2 million, a 8.4% growth compared to the same period last year, and a consolidated net profit of EUR 16.9 million. In the first half of the year, its total assets reached EUR 2.02 billion, a 14.7% increase year on year, said the bank in a statement.

Garanti Bank, part of the financial Group, registered at the end of June 2014 net revenues of EUR 57.7 million, a growth of 8.6% year on year, and a net profit of EUR 13.9 million. Furthermore, in comparison with the first semester in 2013, the number of customers grew by 11.9%, the overall loan volume in all segments (SME, corporate and retail) reached EUR 1.47 billion, a 8.8% growth, and the volume of customer deposits also increased by 45.3%.

The nonbanking financial institutions part of the Group continued their steady development and registered net profits: Garanti Consumer Finance (the brand under which Ralfi IFN SA operates) – EUR 1.3 million, registering a 36.7% growth yoy, Garanti Leasing (the brand under which Motoractive IFN SA operates) – EUR 1.34 million, registering a 0.8% growth yoy, and Garanti Mortgage (the brand under which Domenia Credit IFN SA operates) – EUR 0.4 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, following NBR approval and completion of all legal requirements.

“We are very satisfied with the performances and results registered in the first half of the year, they are within the target set. I remain confident in Garanti Group’s future, our strategy for sustainable development, and our medium and long-term growth”, stated Ufuk Tandogan, CEO Garanti Group Romania.

Currently, Garanti Bank has a nationwide presence through 78 agencies. The number of BancoSmart ATMs increased to almost 300, a 16% growth compared to the first semester in 2013, being the widest national network of intelligent ATMs.

In the first six months of 2014, Turkiye Garanti Bankasi A.S., Garanti Bank’s parent bank, posted a net income of TL 1.57 billion (EUR 536.41 million*). Garanti Turkey’s asset size reached TL 203.62 billion (EUR 69.5 billion*), while its contribution to the economy through cash and non-cash lending totaled TL 155.95 billion (EUR 53.25 billion*).

* Exchange rate: 1 EUR = 2.9283 TL

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