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January 29, 2022
BUSINESS

Garanti Turkey consolidated net profit tops EUR 530 M in Q1

Garanti Turkey – parent company of local subsidiary GarantiBank – in Q1 posted consolidated net profit of over EUR 530 M and consolidated assets of EUR 65.6 M, a release states. Garanti Turkey continued to contribute to economic growth reaching a total of cash and non-cash awarded loans of approximately EUR 36 bln. Return on average assets (ROAA) was 3.8 per cent and return on average equity (ROAA) amounted to 31 per cent in the first quarter of the year. “We have preserved and consolidated our status as Turkey’s biggest lender by sticking to our robust strategy even in the difficult period of the global crisis. Thanks to our experience, customer-oriented approach and diversified alternative distribution channels with extensive coverage, we have been able to consolidate our leadership on the mortgage lending market, at the same time enlarging general market share,” Garanti Turkey CEO Ergun Ozen stated.

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