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Czechia paid five times more for energy imports from Russia than it spent on aid to Ukraine
4 hours ago
Turkish private lender Garanti Bank’s unconsolidated net profit remained almost unchanged at TRY1.91bn (€310mn) in Q2 compared to the second quarter of last year, it said on July 30 in a stock exchange filing.
The profit level beat the market consensus forecast of TRY1.64bn.
The better-than-expected Q2 profit was produced by a set of factors including a positive surprise in core revenues, a worse-than-expected trading loss, higher-than-expected other income and a higher contribution from subsidiaries, Sevgi Onur of Seker Invest said in a research note.
The effective tax rate faced by Garanti was 19% in Q2 versus Seker’s 22% call, Onur added.
In H1, the lender’s net income declined by 7% y/y to TRY3.63bn.
Spanish lender BBVA, which owns 49.85% of Garanti, said it made around 9% of its Q2 profits in Turkey, with the country's political instability and economic recession denting group profitability. BBVA's second-quarter net profit fell 18% y/y to €140mn, the group said on July 31.
BBVA also said it lowered its cost of Turkish risk guidance for 2019 to 250bp from the previous 300bp.
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