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Analysts’ Consensus Estimates

The information contained herein is arithmetic average for each financial item of the estimates provided by analysts or is available to public. The data is provided solely as a courtesy and for convenience. This does not imply that T. Garanti Bankası A.Ş. (“Garanti BBVA”) endorses, concurs with or adopts such information, conclusions or recommendations and does not approve or assure the accuracy or correctness of the referred information.

Any opinions, forecasts, estimates, projections or predictions regarding Garanti BBVA's performance (ultimately represented by the figures of the consensus estimates) given by the analysts only reflect their view and do not represent the opinions, forecasts, estimates, projections or predictions of Garanti BBVA or its management. Whilst reasonable care has been taken to ensure that the contents of this publication are not untrue or misleading, Garanti BBVA assumes no liability for the accuracy of such estimates and undertakes no obligation to update or revise such estimates, even if they differ from Garanti BBVA’s own forecasts or expectations. Copies of reports by any of the listed analysts must be obtained directly from the analysts or their firms. Garanti BBVA does not distribute such reports. 

Garanti BBVA reserves the right to modify or supplement the referred information without prior notice and may amend its practice at any time.

Garanti BBVA shall have no liability whatsoever (in negligence or otherwise) for any damage, loss or expense that may be incurred by third parties howsoever arising from any use of this information.

Consensus* (BRSA Financials) (YoY)

2021E

High

Low

Average

NII growth (inc. swap expenses) (%)

15,6% -6,0% 5,4%

Net Fees&Commissions growth (%)

17,8% 12,0% 14,8%

OPEX growth (%)

15,0% 9,5% 13,1%

EPS growth (%)

61,7% 27,7% 44,0%

Net CoR

250 180 212

Net Income

10.086 8.051 9.033

ROAE

15,1% 11,6% 13,7%

Shareholders' equity

71.961 64.473 70.318
 
2022E

High

Low

Average

NII growth (inc. swap expenses) (%)

28,0% 5,3% 19,7%

Net Fees&Commissions growth (%)

21,7% 7,0% 13,2%

OPEX growth (%)

16,0% 7,9% 12,2%

EPS growth (%)

54,6% 16,1% 36,4%

Net CoR

220 128 178

Net Income

14.078 10.005 12.298

ROAE

18,0% 13,5% 16,2%

Shareholders' equity

84.812 74.423 80.637

* Consensus includes the estimates of 11 analysts, last update on February 19, 2021

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