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Trading account 30 Jan 2020

Garanti BBVA supports sustainable development with TL 322 billion contribution to the economy

Türkiye Garanti Bankası A.Ş. today announced its fourth quarter earnings. In 2019, the bank’s net income was TL 6.241.390 billion, with total assets at TL 428.554.148 billion. The bank’s contribution to the economy through performing cash and non-cash loans reached TL 321.964.117 billion.

Türkiye Garanti Bankası A.Ş. today announced its fourth quarter earnings. In 2019, the bank’s net income was TL 6.241.390 billion, with total assets at TL 428.554.148 billion. The bank’s contribution to the economy through performing cash and non-cash loans reached TL 321.964.117 billion.

Actively managing the funding base, deposits continued to be the main funding source: 65 percent of assets are funded via deposits. Garanti BBVA’s customer deposit base reached TL 274 billion 608 million 574 thousand with 15 percent growth in the year. Preserving the strong capital stance, the bank’s consolidated capital adequacy ratio stood at 17.8%. The bank delivered  ROAE (Return on Average Equity) of 12.4 percent and ROAA (Return on Average Assets) of 1.5% percent.

Commenting on the topic, Garanti BBVA CEO Recep Baştuğ stated that: “We ended 2019 with a more positive picture than initially expected in terms of our economy, our sector and our bank. It was a successful year in terms of meeting our financial targets and our non-financial performance indicators.”

Baştuğ  explained that with interest rates coming down, the muted lending activity in the first 9 months of the year was replaced by a significant loan growth in the last quarter. According to the executive, Garanti BBVA leadership among private banks further strengthened. “Thanks to our broad customer base, the bank increased its deposits and recorded an across the board, healthy growth in lending with real sector focus.”

Emphasizing the importance of continuous investments in customers and business model, Baştuğ said, “In the upcoming period, as always, we will continue to stand by our customers. We will prioritize sustainability in our bank and in our business model to raise awareness and to support our customers and our country in this regard. To protect our customers’ financial health, we provided the support and assistance necessary and we will continue to do so. We have seen the benefit of our strategy of providing the right product to the right customer and we will follow the same approach in the coming years.”

You may access Garanti BBVA earnings presentation regarding the BRSA consolidated financial results as of and for the period ending December 31, 2019 from Garanti BBVA Investor Relations website.

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