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”) 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’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 or its management. Whilst reasonable care has been taken to ensure that the contents of this publication are not untrue or misleading, Garanti 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’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 does not distribute such reports. 

Garanti reserves the right to modify or supplement the referred information without prior notice and may amend its practice at any time.

Garanti 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)

2018E High Low Average
NII growth (inc. swap expenses) (%) 47.6% -0.9% 26.9%
Net F&C growth (%) 31.0% 15.0% 25.0%
OPEX growth (%) 13.4% 10.0% 11.8%
EPS growth (%) 24.2% -2.8% 12.7%
Net Income (TL mn) 7,878 6,798 7,233
ROAE (%) 17.8% 15.4% 16.4%
Shareholders’ Equity (TL mn) 48,696 45,860 47,718
 
2019E High Low Average
NII growth (inc. swap expenses) (%) 29.2% -8.0% 6.1%
Net F&C growth (%) 20.0% 7.2% 10.9%
OPEX growth (%) 19.3% 9.7% 15.4%
EPS growth (%) 15.5% -32.3% -2.1%
Net Income (TL mn) 8,516 5,686 7,117
ROAE (%) 17.2% 11.3% 14.5%
Shareholders’ Equity (TL mn) 55,366 52,120 53,460
 
2020E High Low Average
NII growth (inc. swap expenses) (%) 45.4% -5.3% 10.4%
Net F&C growth (%) 16.0% 9.5% 11.7%
OPEX growth (%) 16.6% 8.8% 12.1%
EPS growth (%) 100.7% 7.0% 26.5%
Net Income (TL mn) 12,593 7,154 8,888
ROAE (%) 20.6% 12.9% 15.8%
Shareholders’ Equity (TL mn) 67,201 58,238 60,869

Contributors:

  • Ak Invest
  • Autonomous
  • Ata Invest
  • BGC Partners
  • Erste Group
  • HSBC
  • JP Morgan
  • Seker Invest
  • Oyak Securities
  • Unlu&Co
  • Yapıkredi Invest
  • Ziraat Invest

* Consensus includes the estimates of 12 analysts, last update on November 26, 2018

Please click here for contact details of the referred analysts.