Garanti Bank Romania Swings To Profit In First Quarter

05.11.2011 By Florentina Dragu

Garanti Bank Romania on Wednesday said it switched to a net profit of EUR2.4 million in the first quarter, from losses in the same period a year earlier.

It was the first positive result since the bank introduced retail services in 2007.

Garanti Romania reported total assets of EUR1.5 billion end March, up from EUR1.4 billion in December 2010.

The bank's loan portfolio rose to EUR835 million, from EUR786 million at the end of last year.

"Garanti Bank ranks 14th on the banking market in Romania and we plan to make it to the top 10. However, profitability remains our main focus," said the bank's head Murat Atay.

The results are computed under IFRS.

GarantiBank started its activity in Romania in 1998, as the local subsidiary of GarantiBank International N.V., owned by Turkish Garanti Bank.

The group operates Garanti Bank, Garanti Leasing, Garanti Credite de Consum and Garanti Credite Ipotecare in Romania and reported net profit of EUR3.2 million in the first quarter.