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.

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Consensus* (BRSA Financials) (YoY)

2020E High Low Average
NII growth (inc. swap expenses) (%) 17.9% 7.6% 14.1%
Net Fees&Commissions growth (%) 3.3% -9.0% -3.1%
OPEX growth (%) 14.3% 10.2% 12.9%
EPS growth (%) 29.4% -3.9% 13.8%
Net CoR* (Provisions for Stage 1,2,3 - Provision reversals for total loans) 407 195 292
Net Income 7,968 5,995 7,152
ROAE 14.2% 10.5% 12.4%
Shareholders' equity 61,586 58,330 60,035
 
2021E High Low Average
NII growth (inc. swap expenses) (%) 12.8% -9.7% 3.2%
Net Fees&Commissions growth (%) 15.3% 5.0% 8.6%
OPEX growth (%) 13.0% 6.9% 10.7%
EPS growth (%) 38.5% 16.0% 27.7%
Net CoR* (Provisions for Stage 1,2,3 - Provision reversals for total loans) 218 147 185
Net Income 9,815 7,923 9,020
ROAE 15.5% 13.1% 14.0%
Shareholders' equity 71,230 65,060 68,528
 
2022E High Low Average
NII growth (inc. swap expenses) (%) 32.2% -2.8% 10.1%
Net Fees&Commissions growth (%) 14.6% 6.0% 10.4%
OPEX growth (%) 12.0% 6.4% 10.0%
EPS growth (%) 55.9% 10.3% 26.3%
Net CoR* (Provisions for Stage 1,2,3 - Provision reversals for total loans) 160 100 139
Net Income 14,722 8,901 11,215
ROAE 19.4% 13.2% 15.4%
Shareholders' equity 85,620 70,829 77,057

* Consensus includes the estimates of 10 analysts, last update on June 4, 2020

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