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)

2023E High Low Average
NII growth (inc. swap expenses) (%) 6,6 -21,4% -5,4%
Net Fees&Commissions growth (%) 66,0% 40,0% 52,0%
OPEX growth (%) 102,40% 60,00% 86,60%
EPS growth (%) -10,00% -42,70% -23,40%
Net CoR 216 75 128
Net Income 54.000 33.410 44.796
ROAE 31,00% 20,10% 26,20%
Shareholders' equity 199.100 180.706 190.871
2024E High Low Average
NII growth (inc. swap expenses) (%) 55,50% 1,00% 34,80%
Net Fees&Commissions growth (%) 42,00% 20,00% 30,90%
OPEX growth (%) 36,00% 20,00% 31,80%
EPS growth (%) 60,30% 5,30% 27,40%
Net CoR 211 60 138
Net Income 80.394 44.367 55.671
ROAE 33,80% 19,90% 25,40%
Shareholders' equity 276.771 223.888 242.105
2025E High Low Average
NII growth (inc. swap expenses) (%) 24,50% 8,50% 17,20%
Net Fees&Commissions growth (%) 34,40% 15,00% 22,90%
OPEX growth (%) 24,10% 9,00% 20,70%
EPS growth (%) 24,30% 9,00% 17,90%
Net CoR* (Provisions for Stage 1,2,3 - Provision reversals for total loans) 171 93 132
Net Income 88.693 53.104 65.232
ROAE 28,20% 20,90% 24,00%
Shareholders' equity 351.866 270.877 300.470

* Consensus includes the estimates of 9 analysts, last update on March 28, 2023

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