BUSINESS BUSINESS COMPANIES ECONOMY Finance FINANCE&BANKING

Garanti Group Romania registered a net profit of RON 98 million in the first semester

Garanti Group Romania, one of the most dynamic financial groups on the local market, which brings together Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered, in the first six months of 2019, its best performing semester in Romania, thanks to effective loan portfolio management and operational efficiency.

Between January and June, Garanti Group Romania registered a consolidated net profit of RON 98 million, approximately 25% higher than in the same period last year, while the total assets volume size grew by 4.5% within the same timeframe, currently exceeding RON 12.1 billion. In the first six months of the year, the Group registered RON 263.2 million net revenues.

On a stand alone basis, Garanti Bank posted a net profit of RON 77.6 million, increasing by over 20% y-o-y. The bank’s business strategy of growing a healthy and balanced portfolio led to a loan volume of RON 7.19 billion, while the deposits volume increased by over 5% y-o-y, reaching RON 8.19 billion at the end of June. Deposits continued the same ascending trend since the beginning of the year, their overall growth being primarily due to the Retail and SME segments. Comparing with same period last year, individual deposits grew by 61%  while SME deposits by almost 38%.

Garanti Bank’s risk indicators are at a comfortable level. The bank continues to be well capitalized, with a solid liquidity position and a low cost of risk, reflecting its sustainable business model.

“Our efficient and rigurous business strategy has determined very good half of the year achievements. We are in line with our objectives for 2019 and we are currently on the path of registering excellent results. We have a long term commitment to the Romanian market and we target to bring further added value in our clients’ lives, in the banking industry, and to the local economy”, stated Ufuk Tandoğan, CEO of Garanti Group Romania.

The Group’s two non-banking financial institutions, operating in the field of leasing and consumer finance, also registered good results in the first semester, with a cumulated net profit of RON 20.3 million, at the end of June.

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