BGC Partners: GARAN 2Q19 Update: Robust core spreads and profitability
Garanti Bank reported TL1,911mn unconsolidated net income in 2Q19, above the TL1,684mn consensus and TL1,719mn BGC estimates. While a TL83mn one-off fine reversal supported the bottom-line, we assess that earnings were marginally stronger than expected, thanks to higher-than-forecast fee income, while the remaining balance sheet and P&L items were all broadly in line with our forecastsTurkiye 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.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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