GARANTI BBVA CONTRIBUTES TRY 446BN TO THE ECONOMY

Garanti BBVA provided TRY 445.8bn support to the economy through cash and non-cash loans in the first quarter of the year, according to the bank’s financial statement. “Increase in interest and foreign exchange rates has put us in an extremely active period. Our market share in TRY loans rose to 10%,” said Recep Bastug, CEO of Garanti BBVA.
The net profit of the bank totaled TRY 2.5bn in this period. “We are reinforing our cautious stance on the assets side while we continue our support to the economy. We’ve started to take measures for some adverse developments expected in 2021,” said Bastug.