Garanti BBVA's TL Loan Volume Exceeds 1 Trillion TL
Garanti BBVA announced a net profit of 66 billion 950 million 363 thousand TL for the first nine months of 2024. The bank's total assets reached 2 trillion 877 billion 835 million 339 thousand TL, with financial support amounting to 2 trillion 170 billion 612 million 162 thousand TL. According to consolidated financial statements, customer deposits account for 70% of the bank's funding sources, and the customer deposit base grew by 25.9% to reach 2 trillion 016 billion 989 million 892 thousand TL. Garanti BBVA (GARAN) maintained a strong financial performance with a capital adequacy ratio of 15.8%, a return on equity of 32.9%, and a return on assets of 3.5%.
General Manager Mahmut Akten's assessments highlighted that the third quarter of 2024 is a period where the fight against inflation takes center stage. Akten stated that tight monetary policies are putting pressure on funding costs, but the customer-focused strategies differentiate the bank within its sector. Emphasizing the continuation of leadership in Turkish lira lending and deposits, Akten revealed that the bank's TL loan volume has surpassed 1 trillion TL.
On the topic of investment in digitalization and innovative services, Akten noted the importance of investments in digitalization, stating that Garanti BBVA has increased digitization in its lending processes. The number of digital customers of the bank reached 16.3 million, and the digital vehicle loan service offered to corporate and individual businesses is now available for individual customers as well. Additionally, the BonusFlash application has reached over 5.5 million users, providing QR payment options with different bank cards.
Sustainability efforts have gained momentum, with Garanti BBVA emphasizing its commitment to fighting the climate crisis and promoting inclusive growth. Akten provided information about the long-standing initiatives in energy efficiency, social inequalities, and support for female entrepreneurs. The bank offers financing and consulting services, particularly focusing on energy efficiency investments, transition to renewable energy, and sustainable production models.
Moreover, Akten pointed out the importance of the trust from customers and stakeholders as fundamental elements behind Garanti BBVA's financial successes. He stated that they maintain their position as one of Turkey's highest market value companies and expressed their commitment to continue working with the same discipline in the future. He thanked the employees who contributed to their success and the supportive stakeholders.