Turkiye Garanti Bankasi A.S.

Turkiye Garanti Bankasi is a private banking group based in Turkey. Co. operates as an integrated financial services group in every segment of the sector including corporate, commercial, SME, payment systems, retail, private and investment banking together with subsidiaries in pension and life insurance, leasing, factoring, brokerage, and asset management. Co. provides a range of financial services to 13 million customers through a distribution network of 994 domestic branches; 6 foreign branches in Cyprus, Luxembourg and Malta; 3 international representative offices in London, Dusseldorf and Shanghai with more than 4,152 ATMs, a Call Center and internet.
  • TickerGARAN
  • ISINTRAGARAN91N1
  • ExchangeIstanbul Stock Exchange
  • SectorBanks
  • CountryTurkey

Analysts

Isbank, Garanti, YapiKredi, Akbank: Nine-month results of Turkish private-sector banks deteriorate

Third quarter results highlight asset quality and profitability challenges for Turkey's four largest private lenders and deleveraging compared to state banks.

Turkiye Garanti Bankasi A.S.: Key facts and statistics - H1 June 2019

A summary company profile, detailing Turkiye Garanti Bankasi A.S.’s business operations and financial highlights.

Ovunc Gursoy

TURKISH BANKS - Banking monthly – October 2019

The BRSA reported that the sector’s net profit surged by 55% m-m to TRY5.1b in October, thanks to state bank (SB) earnings that saw a massive 2.3-fold jump m-m. We believe that profitability will be strong in 4Q such that we envisage a 9% q-q expansion in net earnings for banks under our coverage in 4Q. In particular, the expansion in TRY L/D spread, the downward trend in swap costs and benign opex will support profitability. The only drawback may stem from CPI-linked bonds as the October-October y-y inflation will be limited to 8.55%, while the banks have 10-11% CPI assumptions in their fina...

Duygun Kutucu

Turkish Banking Sector

The outlook for Turkish banks has improved significantly compared to six months ago. Loan growth started to pick up; profitability has entered a recovery trend; and the bottoming out of the economy has somewhat eased the asset quality concerns. Meanwhile, banks’ capital ratios are now much stronger thanks to the deleveraging and the capital accumulation. Nevertheless, these positive developments have not been reflected into the valuations. Since the beginning of July, despite the significant decline in funding costs, BIST Banking index underperformed BIST100 by 3%. Banks are now trading at 0.5...

Duygun Kutucu

Turkish Banking Sector

The outlook for Turkish banks has improved significantly compared to six months ago. Loan growth started to pick up; profitability has entered a recovery trend; and the bottoming out of the economy has somewhat eased the asset quality concerns. Meanwhile, banks’ capital ratios are now much stronger thanks to the deleveraging and the capital accumulation. Nevertheless, these positive developments have not been reflected into the valuations. Since the beginning of July, despite the significant decline in funding costs, BIST Banking index underperformed BIST100 by 3%. Banks are now trading at 0.5...

Isbank, Garanti, YapiKredi, Akbank: Nine-month results of Turkish private-sector banks deteriorate

Third quarter results highlight asset quality and profitability challenges for Turkey's four largest private lenders and deleveraging compared to state banks.

Turkiye Garanti Bankasi A.S.: Key facts and statistics - H1 June 2019

A summary company profile, detailing Turkiye Garanti Bankasi A.S.’s business operations and financial highlights.

Tolu Alamutu CFA

Turkish banks: What a difference a year makes

Re-emerged market: We have assigned recommendations to 12 Turkish banks’ bonds, ranging from Ziraat to Alternatifbank. We first commented on the banking sector a year ago today. We are generally constructive on the sector, with a mix of Buys and Holds on the bonds covered. Valuations do not appear particularly stretched – indicative mid z-spreads for most US$-denominated bonds are still at least 100bps off historic tights. Key risks to our view include escalation of tensions between the US and Turkey, significant TRY weakness and asset quality shocks. We note that most Turkish banks have alrea...

Tolu Alamutu CFA

Garanti: Q2 review – exceedingly good

Assigning Buy recommendations to GARAN bonds: We are assigning Buy recommendations to Garanti BBVA’s (GARAN) US$-denominated senior and subordinated bonds. We note that the GARAN bonds have already performed well. However, as at Akbank, we expect this bank’s solid fundamentals to continue to support valuations.

Turkiye Garanti Bankasi A.S.: Update following downgrade

Our credit view of Garanti BBVA: weak operating environment, high reliance on short-term wholesale funding in FX, high stock of NPL, strong profitability, and low support from BBVA.

Ovunc Gursoy

TURKISH BANKS - Banking monthly – October 2019

The BRSA reported that the sector’s net profit surged by 55% m-m to TRY5.1b in October, thanks to state bank (SB) earnings that saw a massive 2.3-fold jump m-m. We believe that profitability will be strong in 4Q such that we envisage a 9% q-q expansion in net earnings for banks under our coverage in 4Q. In particular, the expansion in TRY L/D spread, the downward trend in swap costs and benign opex will support profitability. The only drawback may stem from CPI-linked bonds as the October-October y-y inflation will be limited to 8.55%, while the banks have 10-11% CPI assumptions in their fina...

Duygun Kutucu

Turkish Banking Sector

The outlook for Turkish banks has improved significantly compared to six months ago. Loan growth started to pick up; profitability has entered a recovery trend; and the bottoming out of the economy has somewhat eased the asset quality concerns. Meanwhile, banks’ capital ratios are now much stronger thanks to the deleveraging and the capital accumulation. Nevertheless, these positive developments have not been reflected into the valuations. Since the beginning of July, despite the significant decline in funding costs, BIST Banking index underperformed BIST100 by 3%. Banks are now trading at 0.5...

Duygun Kutucu

Turkish Banking Sector

The outlook for Turkish banks has improved significantly compared to six months ago. Loan growth started to pick up; profitability has entered a recovery trend; and the bottoming out of the economy has somewhat eased the asset quality concerns. Meanwhile, banks’ capital ratios are now much stronger thanks to the deleveraging and the capital accumulation. Nevertheless, these positive developments have not been reflected into the valuations. Since the beginning of July, despite the significant decline in funding costs, BIST Banking index underperformed BIST100 by 3%. Banks are now trading at 0.5...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior