Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Garanti May Say First-Quarter Profit Dropped by 3.6 Percent

Turkiye Garanti Bankası AS, Turkey’s biggest bank by market value, may say first-quarter profit fell by an annual 3.6 percent on account of margin detrioration from its inflation-linked bonds.

Net income will probably come in at 824.6 million liras ($461 million), compared with 855.2 million liras a year ago, according to the average estimate of 12 analysts surveyed by Bloomberg. The analysts’ predictions ranged from 751 million liras to 895 million liras.

“There’s some volatility caused by inflation-linked bonds,” Bulent Sengonul, an analyst at Is Investment & Securities said in a phone interview today. “But putting that to one side, net interest income will be strong due to the positive trend in loan-to-deposit spreads. Income from fees and commissions looks healthy as well,” he said.

Garanti reported a 790 million-lira profit in the fourth quarter of 2011, an increase of 14 percent over the same period in the previous year.

Turkey’s inflation rate held at 10.4 percent last month, close to a three-year high and more than double the central bank’s 5 percent target.

Garanti, part-owned by Spain’s Banco Bilbao Vizcaya Argentaria, is expected to report the earnings later today or tomorrow.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.