Record Net Income Growth
Garanti BBVA achieved a quarterly net income growth of 9%, reaching a new record level of TRY 30.9 billion in the third quarter. This resulted in 9 months net earnings of TRY 84.5 billion, translating into a 31% ROE.
Strong NII and Fee Generation
Strong Net Interest Income (NII) improvement and stellar fee generation more than offset the increase in net provisions. NII base grew by 20% with a net interest margin of 5.3%, the highest among Tier 1 private peers.
Consistent Core Banking Revenue Growth
Garanti BBVA delivered consistent growth for 7 consecutive quarters in core banking revenue, with core banking revenues to assets reaching 7.8% in 9 months, the highest level among peers.
Robust Loan Growth
In the third quarter, TL loans grew by 10%, with credit cards and consumer loans leading at 15% and 12% growth, respectively. The bank's market share in TL loans increased to 22%.
Strong Fee Growth
Fee base remained robust, up by 54% year-over-year, supported by strong cash and noncash loan growth and increasing wealth management fees.