BUSINESS BUSINESS COMPANIES ECONOMY FINANCE&BANKING

Garanti BBVA Group Romania registered net revenues of RON 263.1 million in H1 2020

Garanti BBVA Group Romania, one of the most dynamic financial groups on the local market, which brings together Garanti BBVA, Garanti BBVA Leasing, and Garanti BBVA Consumer Finance, registered net revenues of RON 263.1 million in the first half of 2020, a press release issued by the company informs.

Between January and June 2020, the Group’s total loan volume reached RON 8.66 billion, while the overall assets totaled RON 12.03 billion.

On a stand-alone basis, Garanti BBVA posted a net revenue of RON 209.1 million, a 3.8% increase over the first half of 2019 result. The bank`s strategy to put the client in the center of its activities led to a growth of the customer base by 1.4%, to over 426,000 clients. The net profit in the first 6 months of the current year amounted RON 55.3 million. As an evidence of the trust of its clients, the volume of deposits grew by 15.6% and by 14.3%, for retail customers and SMEs customers respectively, year on year. The bank continues to be well capitalized, with a solid liquidity position and a low cost of risk, reflecting its sustainable business model.

“2020 is a uniquely challenging year, unlike any other in the last decade. Our strategy to favor a healthy and organic growth, and not a short-term and risky expansion, placed us in a strong position during these uncertain times. Therefore, our solid business model allowed us to rapidly adapt to the new context and take the appropriate decisions. We stood by our clients’ side, throughout the lockdown, offering them guidance and solutions tailored to their own unique needs, so that they could face the many challenges raised by the current period. We spared no effort to help them reschedule or defer instalments, while offering them reliable, safe, 24/7 banking via our digital channels. During difficult times, we stand by our clients and help them to achieve their goals and prosper. Also, a significant part of the Group’s employees are still working from home, because we keep our cautious stance and continue to prioritize the health of our team and our community”, stated Ufuk Tandoğan, CEO of Garanti BBVA Group Romania.

In the first half of 2020, the POS network expanded by 17%, to 14,085 units, as part of bank`s efforts to facilitate safe and secure transactions for our customers. Total number of cards reached 306,698.

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 revenue of RON 54 million and a cumulated net profit of RON 13.1 million, at the end of June.

Garanti BBVA Group Romania is held by Garanti BBVA Turkey (TGB), whose majority shareholder is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA). In the first half of 2020, Garanti BBVA Turkey posted a consolidated net income of TL 3.33 billion (EUR 434.33 million) and an asset size of TL 486.66 billion (EUR 63.45 billion), while its contribution to the economy through cash and non-cash lending totaled TL 367.14 billion (EUR 47.87 billion).

 

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