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Half-year financial results 2017

Release Date: 8/1/2017 1:26:34 PM

IRIS Code: F938F

Press release


Garanti Group Romania registered a RON 96 million profit in the first semester


Bucharest, August 1st, 2017 – Garanti Group Romania, one of the most dynamic financial groups on the local market, composed of Garanti Bank, Garanti Leasing and Garanti Consumer Finance, has recorded a RON 96 million consolidated net profit, in the first semester of the year. The Group’s total asset volume reached RON 10.51 billion.

On solo basis, Garanti Bank  registered a RON 78.1 million net profit at the end of June, its commercial results having played a highly significant role in this regard. The bank's loan volume reached RON 6.96 billion, in the first semester, representing a 7.1% increase year-on-year. Furthermore, the volume of customer deposits registered an 18.5% year-on-year growth, reaching RON 6.84 billion, with all business lines contributing to such increase.

In the first half of the year, Garanti Bank’s card portfolio increased by 10%, reaching almost 300,000 issued cards. Moreover, Garanti’s POS national network has intensified in the first six months, the number of Garanti POSs having risen by 15%, exceeding 12,000 units.

The risk indicators of Garanti Bank enjoy a comfortable level. The  NPL ratio is 1 pp below the market average, while the  the NPL coverage rate by provisions is higher than the market average, according to the most recent available data at the level of the banking system.

“We will maintain our momentum for sustainable growth and healthy development on the Romanian market, as part of our long term strategy of growing in an efficient way and being a trustworthy financial partner to our clients, across all business lines”, stated Ufuk Tandogan, CEO Garanti Group Romania.

The Group’s non-banking institutions also showed solid results in the first semester: Garanti Consumer Finance reached a RON 10.5 million net profit, and Garanti Leasing - RON 7.3 million net profit.

Garanti Group Romania is held by Turkiye Garanti Bankasi AS (TGB), the second largest private bank in Turkey. The Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) is the majority shareholder of TGB. In the first six months of 2017, TGB posted a consolidated net income of TL 3.12 billion (EUR 773.83 million), while asset size reached TL 335.94 billion (EUR 83.85 billion), while its contribution to the economy through cash and non-cash lending totaled TL 272.98 billion (EUR 68.13 billion). TGB serves to its 14.5 million customers in corporate, commercial, SME, and consumer segments offering fully integrated financial services.

BBVA has a consolidated asset size of EUR 702.43 billion and a net attributable profit of EUR 2.3 billion, by the first half of 2017.




About Garanti Group Romania

Garanti Group consists 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 (financial leasing – vehicles, equipment, real estate – sale & lease-back) and fleet administration services, consumer credits, as well mortgage loans deadicated to real estate purchses or refinancing other loans. Garanti Group offers financial services on the local market to more than 500.000 clients.

In July this year, Garanti Bank was awarded by world-renowned magazine Global Finance, as “Best Consumer Digital Bank in Romania”. The distinction was granted within the “2017 World's Best Consumer Digital Banks in Central and Eastern Europe Competition” and it is the 10th award that Garanti Bank receives from Global Finance in the past nine years.

Garanti Group is held by Turkiye Garanti Bankasi AS (TGB), Turkey’s second largest private bank. TGB is a universal bank with leading presence in all business lines. The bank serves more than 14.5 million customers in corporate, commercial, SME, and consumer segments offering fully integrated financial services.

Garanti Bank Romania offers a series of quality products and services for all business segments: retail, SME and corporate. Present in Romania since 1998, the bank has developed a solid portfolio of clients and expanded its national presence through branches and alternative channels, reaching an extended network of branches and intelligent ATMs that can be used by anyone, not just bank customers, for transactions with or without cards.

For more information, please visit www.garantibank.ro


Press contact

Veronica Placintescu / Account Manager Oxygen / veronica@oxygenpr.ro / 0735.010.903



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