The group posted a consolidated net profit of RON133 million in the first nine months, up over 7% compared with the same period last year. It reported consolidated net revenues of RON426 million.
Garanti Bank posted a net profit of RON108 million in the first nine months, up 9.5% on the year, due to increased core banking income and decreased operating expenses.
The bank’s non-performing loan (NPL) ratio has continuously decreased and is considerably below the market average, while the NPL coverage rate by provisions reached over 60%, Garanti Group said.
The bank’s business strategy of focusing on organic development and growing a healthy portfolio led to an increase in its loan volume reaching RON7.52 billion at the end of September.
Deposits grew to RON7.9 billion end-September. Retail and SME customer deposits increased by more than 25% year on year in the first nine months, the bank said.
Garanti Bank’s risk indicators are currently at a comfortable level. The bank continues to be well capitalized, with a solid liquidity position and a low cost of risk, reflecting Garanti Bank’s sustainable business model.
“We have reached our 20-year milestone in Romania, and from this point forward the only way is up. The results obtained are a proof that we have managed to capitalize on our strengths and that we have a long-term commitment to the Romanian market. Further on, we want to continue to consolidate our position. We will keep our focus on our employees’ and customers’ satisfaction and on increasing the quality of our services,” said Ufuk Tandoğan, CEO Garanti Group Romania.
As an integrated financial services group, Garanti Group’s non-banking institutions posted solid results in the third quarter of 2018: Garanti Leasing reached a RON13.8 million net profit and Garanti Consumer Finance registered a net profit of RON11.2 million.
Garanti Group Romania is held by Turkiye Garanti Bankasi AS (TGB), the second largest private bank in Turkey.