Türkiye Garanti Bankası A.Ş. released its financial statements as of September 30, 2016. Based on the consolidated financial statements from the first nine months period of the year, the bank posted a consolidated net income of TL 3.94 billion. With a total of TL 295.13 billion in assets, Garanti contributed TL 239.26 billion to the economy through cash and non-cash lending. The bank’s Return on Average Equity (ROAE) was 16.1% for this period, while its Return on Average Assets (ROAA) was 1.8%.
“Despite the extraordinary situation our county endured and the very difficult conditions, in the third quarter of 2016 we continued to use the strength of Garanti Bank to benefit the country’s progress and future,” said Garanti Bank CEO Fuat Erbil, commenting on the results. He also added, “We have successfully overcome this challenging period thanks to our solid and well-diversified balance sheet structure, with leading indicators in the capital and liquidity, as well as in risk management and asset quality. With growth that surpasses the sector across all areas, we continued to support the economy through our cash and non-cash loans, which exceeded TL 239 billion. We also continued to gain market share in mortgages, general purpose loans and auto loans, and further strengthened our leading position in consumer loans. While we create solutions for our SME, commercial and corporate banking customers, we will continue to support Turkey’s sustainable growth and back energy and infrastructure projects.”
Garanti’s performance has been recognized by international financial authorities, Erbil reports: “Garanti was once again selected as the Best Retail Bank of Turkey by World Finance Magazine and the most supportive private bank for consumers in Turkey. We are proud to lead the sector in digital banking, thanks to our 20 year history of continuous investments in this area.” He also noted that: “Accenture, one of the world’s leading consulting firms, selected Garanti as Turkey’s Most Digital Company as part of its research for the Digitization Index.” He also expressed his gratitude to “the 20,000 people who lift Garanti up”. Thanks to them, he said, “We were once again the only Turkish company to qualify for the Dow Jones Sustainability Index. Sustainability is part of our company’s culture and we will continue to work relentlessly to add value for all our stakeholders who believe in us and support us.”
Highlights from Garanti Bank’s Consolidated Financial Statements
- Net income was TL 3.94 billion
- In compliance with Turkish legislation and international regulations, a total amount of TL 3.59 billion was reserved for tax provisions, loans and other provisions.
- Total assets increased by 5.5% year-to-date and reached TL 295.13 billion.
- Return on Average Assets (ROAA) reached 1.8% as of September 30, 2016.
- Shareholder equity increased by 11.3% year-to-date and reached TL 34.7 billion.
- Return on Average Equity (ROAE) reached 16.1% as of September 30, 2016.
- Contributions made to the real economy through cash and non-cash loans increased by 8.4% year-to-date and reached TL 239.26 billion as of September 30, 2016.
- Total loan market share and FC loan market share reached 11.7% and 13.2% respectively, and TL loan market share increased to 11.1% year-to-date.
- Market share for mortgages and consumer lending increased to 14.6% and 15.8%, respectively.
- Total consumer deposits increased by 10.2% year-to-date and reached TL 164.35 billion, while customer deposit market share reached 11.7%.
- The capital base was further strengthened and the Capital Adequacy Ratio (CAR) reached 15.0%.
- The Non-performing loan (NPL) ratio was 3.26%.
The earnings presentation of the BRSA consolidated financial results for the period ending September 30, 2016 is available at Garanti Bank’s Investor Relations website.