Printer Friendly

Turkey's Garanti Bank posted $461 million net profit.

The net profit of Garanti Bank rose 23 percent to 886.6 million Turkish Liras (around $461 million) in the second quarter of 2013, the Turkish lender has announced.The Istanbul-based bank, which is partly owned by Spain's BBVA and Turkey's DoAuA Holding, was expected by market analysts to post lower figures. In the same period last year, its net income was 719 million liras.With the announcement of the second-quarter figures, the bank's net profit for the first half of the year is 1.89 billion liras, good for a 19.6 percent rise. The bank managed to raise both its interest and non-interest revenues in the second quarter. Interest from income in the second quarter of 2013 was 1.7 billion liras, compared with 1.39 billion liras in the same period a year ago, Garanti said in a statement to the stock exchange.Its non-interest revenues - commissions and fees - which were the basis of the Prime Minister Recep Tayyip ErdoAan's harsh criticism toward private banks, also surged by 32 percent to 629 million liras. The bank's commercial profit jumped by 69 percent, reaching 113.5 million liras. Hurriyet Daily
COPYRIGHT 2013 Balkan Business News
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Balkan Business News
Article Type:Financial report
Date:Aug 1, 2013
Previous Article:Turkcell expects 4G technologies to be fully active after 2015.
Next Article:Turkey's airports authority will organize tenders to lease four airports.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters