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Results 28 Jul 2022

Garanti BBVA’s economic contribution reached TL 799 billion

Garanti BBVA released its financial statements dated June 30, 2022. Based on the consolidated financials, the Bank posted net income for the first 6 months of the year of TL 21.18 billion. Assets came to TL 1,096 billion, while the Bank’s contribution to the Turkish economy through cash and non-cash loans was TL 799.5 billion.


Through active management, deposits continued to be the main funding source, equivalent to 68 percent of assets. The customer deposit base reached TL 736.9 billion, showing 27 percent growth in the first 6 months of the year. Preserving a strong capital stance, the Bank’s capital adequacy ratio came to 15.1 percent, while ROAE (Return on Average Equity) was 43.1 percent and ROAA (Return on Average Assets) stood at 4.3 percent.

Garanti BBVA CEO Recep Baştuğ said: “In the second quarter, Garanti BBVA continued to grow with its customers and to create value in line with the Bank’s established stance."

As in earlier quarters, the Turkish banking sector continued to grow in lira-denominated lending, driven by the corporate side, while the consumer segment was relatively muted. Credit card receivables, which grew in parallel to the inflationary environment, were the only exception, growing almost as fast as corporate lending. Demand for foreign currency loans declined, while lira-denominated assets grew as a result of the FX-protected deposit scheme (KKM). "Our Bank, as one of the most active contributors to the scheme, accounted for close to 11 percent of total volume in the sector," Bastug said.

The bank's consolidated assets exceed TL 1 trillion and we have the highest share of total and lira-denominated loans among peers. "We strengthened our leading position in lira-denominated cash loans among private-sector banks by growing more than TL 50 billion in the second quarter. While supporting the Turkish economy, we also aim to create sustainable value for all our stakeholders." Recep Bastug stated.

Garanti BBVA and sustainability

Sustainability is the Bank’s key strategic priority, with a focus on climate action and inclusive growth. It´s vision is to lead the development of the sustainable finance market.  Garanti BBVA encourages its customers and employees to be a part of this responsibility-driven transformation. In this context, the bank launched the 'My Ecological Status' page in Garanti BBVA Mobile, which enables users to calculate their carbon footprint, and advises clients on how to reduce their environmental impact.

Recep Baştuğ stated: “Sustainability is tracked by a performance indicator at the Bank and everyone involved has this reflected on their KPIs. We aim to make positive contributions to the environment by using the opportunities brought by digitalization". The latest example of this is Garanti BBVA BonusFlaş aplication, where customers can view digital slips instead of non-recyclable paper slips, thus supporting the environment.

"We take into account not only our impact on the economy but also the value we add to the environment, social life and technology. I would like to congratulate my colleagues on the Bank’s performance in the second half, and to thank all our stakeholders for their continued support and trust.” Garanti BBVA CEO expressed.