Financial group Garanti Romania, which includes Garanti Bank, Garanti Leasing, and consumer lending company Garanti Credite de Consum, reported a consolidated net profit of RON78.8 million in the first half of 2018, the group said Friday.
It said consolidated net revenues amounted to RON274.9 million.
Garanti reported a 10.2% growth in assets, to RON11.58 billion, and a 9.8% growth in loans, to RON9.06 billion, compared with RON8.24 billion in the first half of 2017.
Garanti Bank alone a net profit of RON64.6 million in the first half. Its loan volume increased 9.8% on the year, from RON8.24 billion in the first half of 2017 to RON9.06 billion in the first half of 2018. It said deposits grew to RON7.79 billion in the first half, from RON6.84 billion in the same period last year.
The bank said its non-performing loan rate was below the 6.16% market average, and its provision coverage ratio for non-performing loans stood at over 55%.
“The results obtained in the first six months are in line with the objectives we had set for 2018, taking into account the macroeconomic context and our forecasts on the evolution of the economy. We have a long-term strategy of being a trustworthy financial partner to our clients, across all business lines. Our aim is to focus on growing organically in the local market, on maximizing client satisfaction and, at the same time, maintaining our profitability and the quality of our portfolio,” said Ufuk Tandoğan, CEO Garanti Group Romania.
The group’s non-banking financial institutions posted profits, as Garanti Consumer Finance had a net profit of RON5.3 million in the first half, and Garanti Leasing had a net profit of RON8.9 million.
Garanti Group Romania is held by Turkiye Garanti Bankasi AS (TGB), the second largest private bank in Turkey.