Financial group Garanti Romania reported a consolidated net profit of EUR 10.6 million in the first three months of the year, up 7.4 percent year-on-year, and net revenues of EUR 34.2 million.

Its total assets reached EUR 1.96 billion in the first quarter, a 15.6 percent increase compared to the same period in 2013.

The group’s lender Garanti Bank registered a net profit of EUR 9.2 million, a growth of 8.9 percent compared to Q1 2013. Also, its net revenues amounted to EUR 28.2 million.

The non-financial institutions also recorded profit in the first quarter. Garanti Consumer Finance (the brand under which Ralfi IFN SA operates) reported a net profit of EUR 0.6 million, the same profit was registered by Garanti Leasing (the brand under which Motoractive IFN SA operates), while Garanti Mortgage (the brand under which Domenia Credit IFN SA operates) had a EUR 0.2 million net profit.

Earlier this year, Garanti Bank and Garanti Mortgage announced that they have initiated formal procedures for the merger of the two companies in Romania, which is expected to be finalized by end-2014.

In Q1 2014, Garanti Bank’s overall loan volume reached EUR 1.14 billion, a 9.8 percent increase year-on-year, while the volume of customer deposits registered a 33.2 percent growth compared to the same period the year before.

Garanti Bank currently has 78 agencies at a national level, while the number of BancoSmart ATMs increased to 287.

Turkiye Garanti Bankasi A.S., Garanti Bank’s parent bank, posted an unconsolidated net income EUR 260.81 million in the first quarter, while its assets reached EUR 69.18 billion.

Irina Popescu, irina.popescu@romania-insider.com