13 February 2010 / TODAY’S ZAMAN, İSTANBUL
Garanti, the leader of the Turkish banking sector, posted record profits in 2009 despite a global credit crunch that left many Western banks in desperate need of funds.
According to the 2009 fourth quarter earnings results, Garanti made nearly TL 3.1 billion in profit, a 72 percent rise over 2008, despite a tough year overall for global banks. The banking giant increased its total assets by only 4 percent, to reach TL 116.3 billion during the same period but expanded the amount of TL-based loans by 3 percent and foreign-currency denominated loans by 2 percent.Bank lending, a bone of contention among Turkish firms, which accused banks of failing to extend much-needed loans during the period of crisis, saw the biggest decrease in auto loans, sliding by 27 percent over 12 months and ending at TL 1.6 billion by the end of the year. The biggest increase in loans was for general purpose loans and mortgages, which had increased by 12 percent and 10 percent, respectively, by the end of 2009. According to a presentation on Thursday by Garanti, loans were increased “selectively,” and the total growth of loans was gradual rather than aggressive.
