News from Garanti Bank
Garanti Turkey registered a consolidated net profit of more than EUR 530 million in Q1 2010
17.05.2010 – Garanti Turkey, the mother bank of the local Garanti Bank registered in the first quarter of 2010 a a consolidated net profit of more than EUR 530 million and reached consolidated total assets of EUR 56.6 million. Garanti continued its contribution to real economy, reaching an amount of cash and non-cash loans granted of approximately EUR 36 billion. The return on average assets (ROAA) was 3.8% and the return on average equity (ROAE) registered a level of 31% in Q1 of 2010.
“We carried out our leadership in lending via sound strategy even in the dire times of the global crisis. We are, again, the largest lender. With our expertise, customer oriented approach, differentiated and widespread delivery channels; we further reinforced our leadership position in mortgage loans while gaining market share. Garanti’s innovative product variety and quick turnaround in processing general purpose loans led to a growth that is twice the pace of the sector’s in double digits. We kept our number 1 position in bancassurance with higher market share. Our success in attracting deposits, a representation of our customers’ trust, and our expanding branch network let us grow at a much higher pace than the sector.” CEO Ergun Özen stated.
Garanti Turkey has a portfolio of over 9 million customers, a network of 800 branches, 360,000 POSs and 3,000 ATMs. In the first quarter of 2010, Bonus Card, one of Turkey’s leading brands, reached a total of 10 million cards, after 10 years since its launch on the Turkish market. Bonus Card is positioned as Turkey’ leader with almost 27% share in total issuing volume.
Garanti’s achievements continued to be further acknowledged on international level. Euromoney magazine designated Garanti “The Best Local Bank of Turkey” and “The Best Managed Company in Central Europe” for the second time in a row. The two project finance transactions developed throughout 2009 were awarded by the Project Finance magazine, a leading publication of Euromoney, as Europe’s Financing Agreement of the Year in 2009 in their relative sectors.