Earnings Report /
Turkey

Garanti: Another strong beat

  • Garanti reported bank only 2Q21 NI of TL2,924 (+16% q/q and 77% y/y), 11% higher than our and consensus estimate

  • Net interest income was up 12% q/q on the back of contracting core margins, lower CPI linker income, higher swap costs

  • The bank reported 18.5% ROAE (19.7% when adjusted for free provisions) up from 13.8% in 2Q20

Batuhan Ozsahin
ATA Invest
30 July 2021
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