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Turkish private lender Garanti Bank’s unconsolidated net profit remained almost unchanged at TRY1.91bn (€310mn) in Q2 compared to the second quarter of last year, it said on July 30 in a stock exchange filing. The profit level beat the market consensus forecast of TRY1.64bn. The better-than-expected Q2 profit was produced by a set of factors including a positive surprise in core revenues, a worse-than-expected trading loss, higher-than-expected other income and a higher contribution from subsidiaries, Sevgi Onur of Seker Invest said in a research note. The effective tax rate faced by Garanti was 19% in Q2
45 TURKEY Country Report August 2019 www.intellinews.com