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)

2024E High Low Average
NII growth (inc. swap expenses) (%) 60,5% -7,2% 44,9%
Net Fees&Commissions growth (%) 85,1% 41,0% 69,7%
OPEX growth (%) 65,0% 43,9% 56,5%
EPS growth (%) 12,6% -16,8% 5,7%
Net CoR 130bps 60bps 116bps
Net Income 98.313 72.653 91.398
ROAE 39,9% 26,3% 33,1%
Shareholders' equity 343.010 243.497 315.905


2025E High Low Average
NII growth (inc. swap expenses) (%) 116,0% 11,4% 64,9%
Net Fees&Commissions growth (%) 54,4% 6,8% 29,8%
OPEX growth (%) 46,3% 8,4% 31,1%
EPS growth (%) 78,9% 20,9% 47,4%
Net CoR 175bps -70bps 104bps
Net Income 163.107 108.729 135.755
ROAE 40,0% 30,2% 35,6%
Shareholders' equity 496.975 264.157 431.059


2026E High Low Average
NII growth (inc. swap expenses) (%) 30,4% 13,2% 19,9%
Net Fees&Commissions growth (%) 30,0% 7,0% 21,7%
OPEX growth (%) 28,4% 16,2% 24,3%
EPS growth (%) 27,6% 10,2% 15,5%
Net CoR* (Provisions for Stage 1,2,3 - Provision reversals for total loans) 135bps 20bps 102bps
Net Income 186.171 133.755 162.150
ROAE 34,3% 28,4% 31,5%
Shareholders' equity 647.133 290.131 557.232

* Consensus includes the estimates of 9 analysts, last update on March 11, 2024 Please click here for contact details of analysts.