Garanti Bank, Turkey, released their financial tables on the first half of 2018. Having profited 1,91 billion Turkish Lira (more than $393 million), higher than their expectations of 1,82 billion lira (nearly $375 million), the bank reached the end of the second quarter with a 3,93 billion lira ($810 million).
While Garanti Bank’s consolidated financial tables suggest that the bank’s size of assets was 384,87 billion lira (nearly $80 billion), the return on equity was 18,1%, and the average return on assets was 2,1%. Depending on the legal regulations and international practices, 4,741,849,000 lira ($976 million) was spared for provisions including the ones for the taxes, expected losses, and others.
As of June 30, 2018, the total size in cash loans and non-cash loans was 319,24 billion lira (nearly $66 million), while the market shares in total loans, loans in foreign currency, and loans in Turkish Lira were 11%, 10,7%, and 11,1% respectively. The market share in consumer housing loans was 12,7%, and the market share in personal loans except for credit cards was 12,6%.
Although the numbers seem to show that the first half of the year was pretty “good” for Garanti Bank, in the note that had been released by Moody’s earlier this year it was revealed that risks had increased in the banking industry in Turkey, and that Garanti Bank had the highest rate of “group 2” loans which are monitored since they are considered risky, though not failed.
The source of profits for Garanti Bank lies with their employees who are subject to mobbing, over-working, and exploitation, just as with other banks. Insomuch that, Ahmet Öncül, an employee of Garanti Bank, was killed on July 17 by a heart attack due to reasons such as stress, mobbing, selling pressure, and overworking. The Plaza Action Platform had issued a press release on the occupational murders taking place in plazas, which was read in front of the central office of Garanti Bank, stating that a stressful working environment, over-working, and repression were in the atmosphere of every workplace, and no heart attack could be considered a “death warrant” as long as people lose their health and lives in workplaces.
