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) (%) 315,0% 139,7% 221,6%
Net Fees&Commissions growth (%) 85,8% 69,3% 78,9%
OPEX growth (%) 81,9% 50,0% 73,6%
EPS growth (%) 415,0% 285,6% 348,2%
Net CoR 155 107 130
Net Income 63.437 52.440 57.394
ROAE 53,8% 46,2% 50,3%
Shareholders' equity 156.535 146.288 149.556
2023E High Low Average
NII growth (inc. swap expenses) (%) 36,6% -22,9% 0,1%
Net Fees&Commissions growth (%) 61,0% 32,3% 44,4%
OPEX growth (%) 53,8% 31,7% 46,6%
EPS growth (%) 6,7% -35,9% -16,3%
Net CoR 210 118 163
Net Income 60.770 36.145 47.755
ROAE 34,5% 22,0% 27,8%
Shareholders' equity 214.392 179.619 194.253
2024E High Low Average
NII growth (inc. swap expenses) (%) 65,0% -43,2% 15,5%
Net Fees&Commissions growth (%) 30,2% 13,0% 22,9%
OPEX growth (%) 35,5% 21,3% 28,7%
EPS growth (%) 62,4% -31,4% 15,3%
Net CoR* (Provisions for Stage 1,2,3 - Provision reversals for total loans) 153 70 120
Net Income 83.775 30.394 55.112
ROAE 34,6% 14,8% 24,5%
Shareholders' equity 292.115 213.437 247.322

* Consensus includes the estimates of 9 analysts, last update on December 2, 2022

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