Turkiye Garanti Bankasi (GARAN) investor relations material

Executive summary

• 9M26 net income reached TL98.2bn, up 16.2% YoY; ROAE was 27.5%, as stronger NII and fees offset higher credit costs.

• Assets totaled TL5.58tn, loans TL3.25tn and customer deposits TL3.63tn; deposits funded 65.1% of assets.

• Q3 easing in funding costs supported margins; asset-quality pressure and higher provisioning remained headwinds.

Financial highlights

• 9M26 NII was TL226.0bn, up 68.7% YoY; NII including swap costs was TL188.6bn, up 59%.

• Net fees and commissions rose 35.8% to TL141.2bn; net trading and FX gains excluding swap costs and currency hedge fell 12% to TL7.5bn.

• Operating expenses increased 38.2% to TL167.0bn; expected credit losses rose to TL90.5bn from TL57.3bn.

• Q3 net income was TL33.8bn, up 10% QoQ; 9M26 net income was TL98.2bn versus TL84.5bn in 9M25.

Outlook and guidance

• 2026 TL loan growth was 39% YoY versus 30–35% plan; FC loan growth excluding Romania was 11% versus a mid-single-digit plan.

• Net CoR outlook was 2.6% versus 2–2.5% plan; NIM expansion was 97bps YoY versus ~75bps planned. Fee growth of 36% was in line with plan; OPEX growth of 39% was below the 45–50% plan.

• Nominal ROAE was 27.5%; higher inflation put the real-return target at risk. Year-end CPI forecast was ~30%, with GDP growth forecast at 3%.

• After the October 100bp cut, the CBRT funding rate was expected to remain at 36% by year-end.