Turkish group Garanti returns to profitability in Romania

Garanti Group Romania registered a consolidated net profit of EUR 27 million in 2013, after posting a loss in 2012. Meanwhile the group’s revenues went up 11 percent year-on-year, to EUR 118.6 million. The financial group’s assets also increased 7.3 percent in 2013 compared to the previous year, to EUR 1.9 billion. The group’s banking unit, Garanti Bank Romania, recorded a net profit of EUR 20.7 million, while its overall loan volume reached EUR 1.09 billion, up 5.4 percent year-on-year. The SME segment had the highest increase of 17 percent, while the retail segment kept the highest volume in the bank’s loan portfolio. Also, customers deposits increased by 42.3 percent in volume. Garanti Bank is present in Romania through 78 agencies and over 280 ATMs, a 25 increase compared to 2012. “We started the year 2013 with a well-planned growth strategy and we are pleased with the fact that our efforts to maintain a positive evolution on the local market translated into strong financial results,” said Ufuk Tandogan, CEO Garanti Group Romania (in picture). Garanti Group’s non-banking institutions also recorded profit in 2013. Garanti Consumer Finance posted a net profit of EUR 2.7 million, Garanti Leasing ended the year with a profit of EUR 3 million, while Garanti Mortgage had a net profit of EUR 0.6 million. Garanti Group is owned by Turkiye Garanti Bankasi, which in 2013 recorded an unconsolidated net profit of some EUR 1.2 billion. Irina Popescu, irina.popescu@romania-insider.com