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)

2022E High Low Average
NII growth (inc. swap expenses) (%) 198,7% 50,0% 110,9%
Net Fees&Commissions growth (%) 54,5% 32,0% 43,2%
OPEX growth (%) 61,7% 44,8% 52,4%
EPS growth (%) 217,0% 44,6% 142,8%
Net CoR 195 90 133
Net Income 41.437 22.265 32.822
ROAE 40,3% 25,0% 33,3%
Shareholders' equity 130.171 99.860 116.682
2023E High Low Average
NII growth (inc. swap expenses) (%) 18,0% -33,9% -4,8%
Net Fees&Commissions growth (%) 42,5% 13,0% 23,5%
OPEX growth (%) 37,8% 16,1% 27,8%
EPS growth (%) 14,3% -42,5% -17,2%
Net CoR 164 50 121
Net Income 36.184 20.727 27.343
ROAE 26,3% 17,1% 21,0%
Shareholders' equity 160.363 122.815 142.429
2024E High Low Average
NII growth (inc. swap expenses) (%) 55,0% -6,7% 14,3%
Net Fees&Commissions growth (%) 21,7% 11,0% 16,8%
OPEX growth (%) 26,1% 11,0% 17,6%
EPS growth (%) 32,0% -14,5% 9,6%
Net CoR 150 82 118
Net Income 45.008 24.183 29.674
ROAE 26,0% 15,7% 19,5%
Shareholders' equity 194.421 131.406 167.980

* Consensus includes the estimates of 8 analysts, last update on May 24, 2022

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