The following is a summary of the Turkiye Garanti Bankasi A.S. (TKGBF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Garanti Bank reported a net income of TRY 44.6 billion in the first half of 2024, marking a 32% year-on-year growth.

• The bank achieved a return on average assets of 3.7% and a return on average equity of 34.2%.

• Core net interest income increased to TRY 10.6 billion, showing significant strength compared to competitors.

Business Progress:

• The bank has a customer-focused approach which is evident from continued growth in core banking revenues by 63% year-on-year.

• They managed a 9% Turkish lira lending growth amidst regulatory caps, focusing on investment, export, credit cards, and earthquake-affected area loans.

• Garanti has maintained leadership in Turkish lira lending, reinforced by strong digital engagement with nearly 16 million digital active customers.

Opportunities:

• Continued focus on increasing core banking revenue and managing customer-driven assets efficiently.

• The bank's plans include further digital expansion and tapping into robust fee-generating lines, especially in payment systems.

Risks:

• There's an expected normalization in NPLs for 2025 due to deteriorations in the wholesale portfolio, indicating a potential rise in cost of risk above 200 basis points.

More details: TURKIYE GARANTI BANKASI AS IR

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