Garanti BBVA Takes Its Profit to the Top

Garanti BBVA, Turkey's second largest private bank, stated that they made a profit of 8.21 billion TL in the first quarter of the year. Last year, Garanti's profit was announced as TL 2.68 billion. Garanti BBVA increased its profit by 107 percent on a quarterly basis and by 206 percent on an annual basis. Garanti BBVA, one of the most preferred names in the banking sector, made its announcement today, which was expected to be announced on Wednesday. The bank increased its profit by 107 percent on a quarterly basis and by 206 percent on an annual basis. Thus, they announced that they achieved the highest quarterly profit in their history in this quarter. According to general indicators; TL loan growth of the bank increased by 17 percent to 309.5 billion TL. Average return on equity increased from 19 percent to 37.4 percent, and average return on assets increased from 2.3 percent to 4.1 percent. While the total free provisions in the balance sheet of the bank were 7.5 billion TL, the Tier 1 capital adequacy ratio was 13.9 percent and the capital adequacy ratio was 16.8 percent. In live loans, which constitute 55.7% of Garanti bank's 851 billion TL assets; TL growth was 17 percent in this quarter, while the growth in foreign currency was 4 percent. The bank's non-performing loan ratio, on the other hand, was 3.8 percent in the previous quarter before falling to 3.4 percent this quarter.