Denizbank, Garanti record profit in first half

Denizbank, Garanti record profit in first half

ISTANBUL - Hürriyet Daily News
Turkey’s Denizbank, which was recently acquired by Russian banking giant Sberbank for about 3 billion euros, announced yesterday that it had recorded 334 million Turkish Liras in net profits in the first half of the year.

“We have continued a profitable and steady growth both financially and operationally,” said Hakan Ateş, the president of the Denizbank Financial Services Group, according to a company press release. The bank has opened the most branches and created the most employment in the last year in Turkey, according to Ateş. Denizbank operates 610 branches in 81 provinces with a total workforce of 11,254, as of the first half of the year, Ateş said.

The amount of deposits grew by 28 percent to 30.1 billion liras in the same period and cash credits increased 20 percent reaching 34 billion liras, the bank said. The bank’s assets expanded 22 percent year-on-year in the first half to 47.9 billion liras. The bank increased its total loan volume 10 percent, or 3.1 billion liras.

Meanwhile Garanti, one of Turkey’s leading banks, recorded a net profit of 1.78 billion liras, with a total asset size of 170.6 billion liras in the first six months of the year.

The bank’s cash and non-cash loans reached 118.5 billion liras in the period, according to a press release issued by Garanti.

“The strong capital structure combined with the sustainable successful performance of Garanti sets an example in the global arena, separating from the bank from its peers,” said Ergün Özen, Garanti Bank General Manager. Meanwhile, the net profits of Garanti’s partner, Spanish banking group BBVA, slumped 57.5 percent to 505 million euros in the three months to June.