Garanti Bank Romania records ten times lower profit

Local lender Garanti Bank Romania, the subsidiary of the Turkish group Garanti, recorded last year a net profit of EUR 2.1 million. It marked a substantial decrease compared to 2013, when the bank had a EUR 20.7 million profit. The low profit was due to the prudential requirements of the Romanian banking system, bank representatives said. The total volume of loans reached EUR 1.32 billion in 2014, up 19.8% over 2013. The small and medium enterprises (SMEs) segment increased by 17.1% while the retail sector went up by 31.4%. The customers’ deposits grew in volume by 66%. Garanti Bank recorded a 26.3% increase in its revenues in 2014, reaching EUR 122.3 million. editor@romania-insider.com