Turkish group Garanti more than doubles net profit in Romania at nine months

Lender Garanti Group Romania more than doubled its net profit in the first nine months of 2013, compared to the same period last year, to some EUR 26.3 million. Garanti Bank’s net profit hiked to EUR 21.5 million in the first nine months of 2013, more than three times higher than the same period last year. Meanwhile, Garanti Consumer Finance had a EUR 1.7 million net profit, Garanti Leasing – EUR 2.3 million net profit and Garanti Mortgage – EUR 0.8 million net profit. “The Group’s performance in 2013 represented, so far, a steady upwards trend and we maintain the profitability objectives for the next period, with growth resulting from all business segments – retail, SME and corporate,” said Ufuk Tandogan, CEO Garanti Group Romania (in picture). The group’s consolidated revenues reached EUR 91.4 million, while its total assets stood at EUR 1.8 billion at the end of September 2013. GarantiBank has 78 agencies across Romania, 262 BancoSmart ATMs, and 7,866 POSs. The number of cards reached 230,000, according to the bank. Garanti Group is owned by Garanti Bank Turkey (TGB), the second largest private bank in Turkey, in terms of assets. editor@romania-insider.com