In spring 2020, BBVA Research began to analyze the COVID-19 impact on consumption in its geographies thanks to the use of big data technologies.
BBVA's research unit revised its Spanish GDP growth forecasts downward to 4.1% in 2022 and 3.3% in 2023 (from 5.5% and 4.9% previously). The downgrade takes account of the impact of the invasion of Ukraine, the sanctions imposed on the Russian economy, and steeply rising prices—especially for fuel and electricity—over the past few months, as indicated in the latest 'Spain Economic Outlook' report presented by Jorge Sicilia, Director of BBVA Research and BBVA Chief Economist, Rafael Doménech, Head of Economic Analysis, and Miguel Cardoso, Chief Economist for Spain.
Garanti BBVA recently released its 2021 results, posting the highest growth in Turkish lira (TL) loans among private banks. The total amount of cash and non-cash loans for the year was TL 609.74 billion, and assets reached TL 849.40 billion. Deposits remained the primary source of funding, representing 69 percent of total assets, or TL 582.26 billion and growth of 63 percent over the year. Garanti BBVA’s strong capital position remains, with a capital adequacy ratio of 13.98 percent (not including temporary measures taken by Turkey’s financial regulator, the BRSA). The return on average equity (ROAE) was 19.0 percent and the return on average assets (ROAA) was 2.0 percent (excluding one-off items). The bank’s net income for the year was TL 13.59 billion.
BBVA has closed its first balance sheet synthetic securitization of a project finance loan portfolio. This is a transfer of risk to institutional investors Alecta and PGGM that allows the bank to free up 80% of the capital on a portfolio of project loans that will remain on the bank's balance sheet.
Garanti BBVA was named ‘Turkey's Best SME Bank’ by international publication Global Finance. The evaluation was based on data provided by banks in this business segment, with an in-depth analysis of available products and services, and inputs from industry professionals, managers, technology experts and independent research.
Türkiye Garanti Bankası A.Ş., has just reported its financial statements as at 30 September 2021. Based on the consolidated financials, the Bank’s net income in the first 9 months of the year was recorded as TL 9.071,591k. Realized Assets were reported of TL 630,848,420,000and the Bank’s contribution to the economy via cash and non-cash loans was TL 499,840,175k. Focusing on customer happiness, deposits continued to be the main funding source; 68% of assets are funded via deposits. The deposit base reached TL 428,204,119k, with 20% growth in the year’s first 3 quarters. Maintaing the strong capital stance, the bank’s capital adequacy ratio was realized at 15.65% (Except for temporary measures taken by BRSA)(. The Bank delivered an ROAE (Return on Average Equity) of 19.2%** and an ROAA (Return on Average Assets) of 2.2% ( In calculations of average return on assets and average return on capital, one-off items are not included in annualization of net profit.).
José Ramón Vizmanos
Head of the Global Client Unit at BBVA Corporate & Investment Banking (CIB)
BBVA Research through its Global Economic Research area and Clarity AI, presents the "Cash vs. card consumption patterns: a Machine Learning approach" study on the use of cards and cash in the country.
Consensus Economics, one of the world´s most recognized analysis firms, has awarded Garanti BBVA the Forecast Accuracy Award for work by its economic analysis department.
The BBVA Research team has published its Economic Outlook for second quarter 2021, noting that a successful vaccination campaign, combined with low interest rates and massive fiscal stimulus, is expected to drive a strong recovery.
Spain’s GDP fell 10.8 percent in 2020 (practically in line with BBVA Research’s prediction of 11 percent) and could grow 5.5 percent in 2021 and seven percent in 2022, according to the latest report Spain Economic Outlook by BBVA Research. It was presented on Thursday by Jorge Sicilia, Director of BBVA Research and Chief Economist at BBVA; Rafael Doménech, the Head of Economic Analysis; and Miguel Cardoso, Chief Economist for Spain. Nevertheless, if the spread of COVID-19 continues to be limited and the government’s vaccination plans move ahead, the research service feels that there could be an upward bias for these forecasts.
According to the latest economic analysis published by the BBVA Research team, March’s unemployment figures remain stubbornly high despite strong increases in employment, dropping to 6 percent for the month.
According to the latest economic analysis from the BBVA Research team, February’s unemployment figures confirm that labor market conditions continue to improve as COVID-19 cases slow down, vaccination rates rise and restrictions are lifted in some parts of the U.S.
BBVA Research published its January auto sales chartbook, noting vehicle sales went up 5 percent in the fourth quarter of 2020. Sales for the year declined 14.7 percent to 14.5 million units, the lowest since 2012.
In an economic analysis published by the BBVA Research, the team’s lead economists report that the economy continued to expand in the fourth quarter of 2020, though at a much slower pace. According to the analysis, this pace reflected both solid ongoing momentum and the negative consequences of lower fiscal support and rising COVID-19 cases.