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)

2020E High Low Average
NII growth (inc. swap expenses) (%) 24.5% 9.0% 16.6%
Net F&C growth (%) 9.7% -5.0% 4.9%
OPEX growth (%) 14.0% 11.0% 12.6%
EPS growth (%) 59.4% 39.8% 48.4%

Net CoR* (Provisions for Stage 1, 2, 3 - Prevision reversals for total loans)

244 121 208
Net Income (TL mn) 9,857 8,116 9,176
ROAE (%) 17.1% 13.8% 15.8%
Shareholders’ Equity (TL mn) 63,281 59,925 62,000
 
2021E High Low Average
NII growth (inc. swap expenses) (%) 49.6% -4.7% 11.1%
Net F&C growth (%) 16.2% 5.7% 11.0%
OPEX growth (%) 12.9% 8.0% 10.5%
EPS growth (%) 44.9% -1.1% 22.9%
Net CoR* (Provisions for Stage 1, 2, 3 - Prevision reversals for total loans) 232 89  156
Net Income (TL mn) 13,510 9,142 10,903
ROAE (%) 20.1% 13.9% 16.3%
Shareholders’ Equity (TL mn) 74,844 67,694 70,784
 
2022E High Low Average
NII growth (inc. swap expenses) (%) 23.7% -1.4% 9.3%
Net F&C growth (%) 15.8% 8.0% 11.3%
OPEX growth (%) 13.6% 6.4% 9.5%
EPS growth (%) 32.9% -2.0% 14.9%
Net CoR* (Provisions for Stage 1, 2, 3 - Prevision reversals for total loans) 249 74 130
Net Income (TL mn) 17,949 8,960 12,681
ROAE (%) 23.6% 12.4% 16.7%
Shareholders’ Equity (TL mn) 88,702 75,810 80,226

* Consensus includes the estimates of 12 analysts, last update on March 3, 2020

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