Turkey · Delayed Price · Currency is TRY Turkiye Garanti Bankasi A.S. Earnings Call Transcripts
Fiscal Year 2026
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9M net income rose 16% YoY to TRY 98bn as NII and fees strengthened. Full-year NIM guidance is on track, but higher credit costs mean the real ROAE target is no longer expected to be met.
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Net income rose 20% year-on-year to TRY 64 billion, with strong fee growth and sector-leading capital ratios. Cost of risk is trending toward the upper end of guidance, while margin expansion is expected to be modest, with improvement anticipated in Q4.
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Q1 saw strong net income growth, margin expansion, and sector-leading capital ratios, despite rising funding costs and inflation. Guidance was revised for higher rates and inflation, with margin compression expected in Q2 but recovery in H2. Sale of Romanian subsidiary to boost capital.
Fiscal Year 2025
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Net income rose 21% year-over-year to TL 111 billion, with ROE at 29% and sector-leading margins. Asset quality and capital ratios remain robust, while 2026 guidance targets positive real ROE, margin expansion, and strong loan growth amid a stable macro outlook.
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Achieved record Q3 net income and sustained strong ROE, driven by robust NII, fee growth, and digital engagement. Revised guidance reflects lower net cost of risk and higher fee coverage of OPEX, while capital strength was enhanced by a $700M Tier 2 issuance.
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Net income reached TRY 28.2 billion in Q2, with 11% EPS growth and strong fee generation. H1 net earnings totaled TRY 53.6 billion, delivering a 30.7% ROE, while fee income covered 86% of operating expenses.
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First quarter net income rose 13% year-over-year to TL 25.4 billion, driven by strong core banking income and robust deposit growth. Asset quality and capital ratios remain solid, with NIM expansion now expected in Q4 as funding costs normalize.
Fiscal Year 2024
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Reported TRY 92.2 billion net income in 2024, up 17% year-over-year, with strong loan and deposit growth, resilient margins, and best-in-class efficiency. 2025 guidance anticipates above-CPI loan growth, margin expansion, and return on equity in the low 30s.
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Achieved robust third quarter results with strong net income, high efficiency, and leading market shares in key loan segments. Despite regulatory headwinds and rising cost of risk, full-year profitability guidance is maintained, with continued focus on capital-generative growth.
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Net income grew 32% year-on-year in H1 2024, with strong core banking revenues and sector-leading margins. Asset quality is normalizing, but cost of risk remains below guidance. Outlook for H2 and 2025 is positive, with margin expansion expected.