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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
