January-December 2013



In activity, the same trends mentioned throughout the year have been maintained in the fourth quarter of 2013. In performing loans, Garanti’s retail business has continued to perform well, while the wholesale banking business remains much more contained. The trend in customer funds has continued to be favorable, due both to strong activity in the retail segments and the recovery of the balances from wholesale banking customers, which already show positive rates of growth in the quarter and over the year.

Earnings, in the quarter improved compared to the previous quarter, thanks to the greater contribution by the Markets unit, which has offset the effect of interest and exchange-rate movements on Garanti’s figures over the last two quarters. Indeed, between October and December, the Turkish lira has continued to depreciate against the euro, which has had a negative impact on the performance of the area’s financial statements, both in the quarter and over the year.