January-September 2013



Notable from the point of view of activity in the area has been the changing mix in recent quarters. Performing loans continue to be buoyed by the retail business, thanks to its positive performance in Garanti. With respect to customer funds, in the last three months retail customer deposits have performed positively, and there have also been signs of recovery in the wholesale segment.

Earnings in the quarter have been affected by the negative impact of the depreciation of the Turkish lira, which has distorted the quarterly comparison in all the lines, particularly net interest income. This heading has also been affected by the reduction in the customer spread in Garanti caused by the interest rate hike in Turkey. Global Markets has maintained its positive performance, while the contribution from CNCB is very similar to that of previous quarters.