Garanti Group Romania, EUR 10.6 M net profit in Q1 2014

Garanti Group Romania registered in the first three months of 2014 a consolidated net profit of EUR10.6 million, a 7.4 percent growth compared to the same period last year and net revenues amounting to EUR 34.2 million, according to a pres release. In Q1, its total assets reached EUR 1.96 billion, a 15.6 percent increase year on year. Garanti Bank registered at the end of March 2014 a net profit of EUR 9.2 million, a growth of 8.9 percent 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. Also, Garanti Bank and Garanti Mortgage will merge in Romania and the process is expected to be finalized by the end of this year.
During the first three months of 2014, Garanti Bank’s overall loan volume reached EUR 1.14 billion, a 9.8 percent increase year on year. At the same time, the volume of customer deposits registered a 33.2 percent 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 percent growth compared to Q1 2013, being the widest national network of intelligent ATMs.

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