Turkiye Garanti Bankasi A.S. (TKGBF) Q4 2024 Earnings Call Transcript

2025-01-29 16:27:03 ET

Turkiye Garanti Bankasi A.S. (TKGBF)

Q4 2024 Results Conference Call

January 29, 2025 11:30 AM ET

Company Participants

Mahmut Akten - Chief Executive Officer

Aydin Guler - Chief Financial Officer

Handan Saygin - Investor Relations Director

Conference Call Participants

David Taranto - Merrill Lynch

Simon Nellis - Citigroup

Mehmet Sevim - JPMorgan

Presentation

Operator

Hello, and thank you for joining us in Garanti BBVA's 2024 Financial Results and 2025 Operating Plan Guidance Webcast.

Our CEO, Mr. Mahmut Akten; our CFO, Mr. Aydin Guler; and our Investor Relations Director, Ms. Handan Saygin will be presenting today.

As always, there will be a Q&A session following the presentation and you will be able to ask your questions either via raise hand button or by typing them into the Q&A area.

I now leave the floor for presentation.

Handan Saygin

Good afternoon, everyone. It's an honor to be with you on our earnings call presenting another set of unmatched results. Despite the ongoing market complexities and tight regulations, we delivered further improvement in our net income. But before getting into the results, let's, as usual, quickly go over the macro backdrop we're in.

Rebalancing in the Turkish economy continues with a gradual moderation in domestic demand. Economic growth in the first three quarters were 3.2%, and we also expect the 2024 growth to be 3.2%. With the continuing restrictive monetary policies and expected fiscal consolidation, we expect GDP growth to come down to 2.5% in 2025. Monthly inflation trend eased further in December to below 2.5%. We expect -- well, actually, in the year 2024, we finished the year with a CPI of 44.4%, and we forecast 25.5% CPI for year-end 2025....

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