Turkish-owned Garanti Group Romania recorded a consolidated net profit of RON 78.8 million (EUR 21.6 million) in the first half of this year, down almost 18% compared to the same period of last year.

Lender Garanti Bank, the group’s main local entity, recorded a 17% drop in net profit to RON 64.4 million (EUR 13.85 million). Garanti Consumer Finance almost halved its net result in the same period while Garanti Leasing recorded a profit increase.

The group increased its total assets in Romania by 10.2% compared to June 30, 2017, to RON 11.58 billion (EUR 2.49 billion) at the end of June 2018. Garanti Bank had the main contribution to this increase in assets. The lender’s loan portfolio went up 9.8% year-on-year, to RON 9.06 billion, while its deposit base grew by 13.9%, to RON 7.79 billion.

“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,” said Ufuk Tandoğan, CEO Garanti Group Romania.

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editor@romania-insider.com