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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) (%) 3.8% -7.5% -1.7%
Net Fees&Commissions growth (%) 34.9% 14.1% 26.4%
OPEX growth (%) 19.4% 12.2% 16.5%
EPS growth (%) 94.0% 51.2% 81.6%
Net CoR 172 92 134
Net Income 12,262 8,825 10,800
ROAE 18.1% 13.3% 16.2%
Shareholders' equity 74,464 70,545 72,404
 
2022E High Low Average
NII growth (inc. swap expenses) (%) 36.2% 9.7% 26.3%
Net Fees&Commissions growth (%) 21.7% 0.1% 12.2%
OPEX growth (%) 21.5% 11.8% 14.1%
EPS growth (%) 44.5% 1-4.0% 22.3%
Net CoR 202 94 153
Net Income 15,909 10,565 13,147
ROAE 19.5% 14.1% 16.9%
Shareholders' equity 88,671 79,392 83,410

* Consensus includes the estimates of 13 analysts, last update on August 26, 2021

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