The net profit of Garanti BBVA for the year 2023 was 86 billion 907 million

Garanti BBVA

Garanti BBVA announced its financial statements as of December 31, 2023.

According to the consolidated financial statements of the Bank, the net profit for the year 2023 was 86 billion 907 million 216 thousand Turkish Lira (TRY). The total assets amounted to 2 trillion 201 billion 713 million 95 thousand TRY, while the support provided to the economy through cash and non-cash loans reached 1 trillion 613 billion 753 million 675 thousand TRY. Garanti BBVA, managing its funding base dynamically, continued to rely heavily on customer deposits, which accounted for 73% of its funding sources. The customer deposit base reached 1 trillion 602 billion 608 million 112 thousand TRY in 2023, with a growth of 77%. The Bank maintained its strong capital focus, with a capital adequacy ratio of 16.5%, equity return rate of 44.5%, and asset profitability rate of 4.9%.

Garanti BBVA General Manager Recep Baştuğ

Garanti BBVA General Manager Recep Baştuğ, providing information on the subject, stated: “The year 2023 was characterized by two different economic policies before and after the May elections. In both periods, the banking sector’s direction was determined by macro-prudential measures and regulations, with currency-hedged deposits being the primary focus of deposit banks. The transition to currency-hedged deposits before the elections and the shift from currency-hedged deposits to Turkish Lira deposits after the elections were the main agenda of the sector. However, banks managed to adapt themselves quickly to these two different worlds. Nevertheless, profitability and margin management remained a fundamental issue in the sector. Capital returns remained significantly below inflation and other sector capital returns in the past few years. 2023 witnessed the lowest increase in non-performing loans in recent periods. However, a significant stabilization began in the second half of the year, and 2024 will be a year where risk costs also normalize.”

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