Turkiye Garanti Bankasi A.S.

IBSE:GARAN Stock Report

Market Cap: ₺538.4b

Turkiye Garanti Bankasi Future Growth

Future criteria checks 4/6

Turkiye Garanti Bankasi is forecast to grow earnings and revenue by 21.6% and 23.8% per annum respectively. EPS is expected to grow by 21.3% per annum. Return on equity is forecast to be 28.7% in 3 years.

Key information

21.6%

Earnings growth rate

21.28%

EPS growth rate

Banks earnings growth31.1%
Revenue growth rate23.8%
Future return on equity28.73%
Analyst coverage

Good

Last updated27 May 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 04

GARAN: Higher Discount Rate And Lower Future P/E Will Support Upside

Analysts have slightly adjusted their fair value estimate for Turkiye Garanti Bankasi to TRY 181.76 from TRY 184.19, reflecting updated assumptions on discount rate, revenue growth, profit margins and future P/E, following recent Street research that includes a TRY 161 price target and a more selective stance on Turkish banks. What's in the News A board meeting is scheduled for May 7, 2026, with an agenda item to consider task allocation within the Investor Relations function.
Narrative Update • May 19

GARAN: Competition Probe And 2026 Dividend Will Guide Fairly Valued Outlook

Analysts have adjusted their price target for Turkiye Garanti Bankasi to TRY140.61 from TRY135.73 as updated assumptions around discount rate, revenue growth, profit margin and future P/E feed through their valuation work. What's in the News The Competition Board has opened an investigation into Turkiye Garanti Bankasi A.S. regarding a potential breach of Article 4 of Law No. 4054 on the Protection of Competition in the labor market.
Narrative Update • May 02

GARAN: Dividend Plan And Competition Probe Will Shape Fairly Valued Shares

Analysts have trimmed their 12 month price target for Turkiye Garanti Bankasi to TRY135.73 from TRY139.85, citing updated assumptions that combine slightly higher revenue growth expectations with a lower profit margin outlook and a higher future P/E multiple. What's in the News An annual dividend of TRY 5.2669 per share has been announced, payable on April 9, 2026, with an ex-date of April 7, 2026 and a record date of April 8, 2026 (company announcement).
Narrative Update • Apr 17

GARAN: Lower Discount Rate And Higher Future P/E Will Support Upside

Analysts have raised their price target for Turkiye Garanti Bankasi from TRY178.45 to TRY184.19, citing updated assumptions related to fair value, discount rate, revenue growth, profit margin, and future P/E levels. What's in the News Announced an annual dividend of TRY 5.2669 per share, with payment scheduled for April 9, 2026, ex-date on April 7, 2026, and record date on April 8, 2026 (Key Developments).
Narrative Update • Apr 02

GARAN: Higher TRY Dividend Will Support Future Upside Potential

Analysts have adjusted their TRY price target for Turkiye Garanti Bankasi to TRY 225.9. The change is mainly grounded in updated assumptions around revenue growth, profit margin and future P/E that now reflect a slightly different risk profile via a small tweak to the discount rate. What's in the News An annual dividend of TRY 5.2669 per share has been declared.
Narrative Update • Mar 19

GARAN: Dividend Outlook And Competition Probe Will Shape Fairly Valued Shares

Analysts have lifted their price target for Turkiye Garanti Bankasi from TRY129.81 to TRY139.85, reflecting updated fair value work that incorporates refreshed assumptions for discount rate, revenue growth, profit margin and future P/E. What's in the News Announced an annual dividend of TRY 5.2669 per share, with payment scheduled for April 9, 2026, ex-date on April 7, 2026, and record date on April 8, 2026 (Key Developments).
Narrative Update • Mar 04

GARAN: Higher Fair Value And Future P E Re Rating Will Drive Upside

Analysts have revised their price target for Turkiye Garanti Bankasi to TRY225.90 from TRY205.09, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. Valuation Changes Fair Value: Updated to TRY225.90 from TRY205.09, indicating a higher assessed value per share under the revised assumptions.
Narrative Update • Feb 18

GARAN: Lower Growth Assumptions Will Keep Shares Vulnerable To Compressing P/E

Analysts have trimmed their TRY-based fair value estimate for Turkiye Garanti Bankasi slightly to TRY129.81 from TRY132.09, reflecting updated assumptions for revenue growth, profit margins and a modestly lower future P/E multiple. Valuation Changes Fair Value: TRY129.81, down slightly from TRY132.09.
Narrative Update • Feb 04

GARAN: Higher Revenue Assumptions Will Be Outweighed By Weaker Profitability

Analysts have trimmed their price target for Turkiye Garanti Bankasi slightly, now pointing to a fair value that is marginally lower than before. This reflects updated assumptions around revenue growth, profit margin and future P/E multiples.
Narrative Update • Jan 21

GARAN: Higher Revenue Assumptions Will Be Offset By Weaker Profitability

Analysts have raised their fair value estimate for Turkiye Garanti Bankasi from about ₺109.79 to around ₺132.16. They cite updated assumptions for revenue growth, profit margins and future P/E multiples as the main factors behind this change.
Narrative Update • Jan 07

GARAN: Lower Risk Assumptions And Stronger Margins Will Support Future Upside

Analysts have raised their price target for Turkiye Garanti Bankasi, describing the roughly 3% increase as supported by slightly lower discount rate assumptions, marginally firmer revenue growth and profit margin inputs, and a small adjustment to future P/E expectations. Valuation Changes Fair Value: The updated estimate has moved from TRY 173.23 to TRY 178.45, reflecting a small uplift in the implied valuation.
Narrative Update • Dec 17

GARAN: Future Margin Expansion And Lower Earnings Multiple Will Drive Upside

Analysts have modestly trimmed their price target on Turkiye Garanti Bankasi from approximately ₺209 to ₺205, reflecting a slightly higher perceived risk. At the same time, they are factoring in stronger expected revenue growth, expanding profit margins, and a lower future P/E valuation multiple.
Narrative Update • Dec 03

GARAN: Future Earnings Power Will Support Upside Despite Modest Margin Pressure

Analysts have modestly reduced their price target on Turkiye Garanti Bankasi by approximately $0.29, reflecting slightly lower fair value and profit margin assumptions, even though they now expect higher revenue growth and a marginally cheaper future P/E multiple. Valuation Changes The fair value estimate has edged down slightly from TRY 173.52 to approximately TRY 173.23, indicating a marginally lower intrinsic valuation.
Narrative Update • Nov 19

GARAN: Discount Rate Adjustment Will Maintain Potential for Future Upside

Analysts have modestly maintained their fair value price target for Turkiye Garanti Bankasi at ₺173.52. They cite negligible changes in key valuation inputs such as revenue growth and profit margin, with only a slight upward adjustment in the applied discount rate.
Narrative Update • Nov 04

GARAN: Improving Profit Margins And Lower Discount Rate Will Drive Future Performance

Narrative Update on Turkiye Garanti Bankasi: Analyst Price Target Revision Analysts have raised their fair value estimate for Turkiye Garanti Bankasi from ₺168.18 to ₺173.52, citing improved profit margins and a slightly reduced discount rate as key drivers of the target increase. Valuation Changes The Fair Value Estimate has risen slightly, from TRY 168.18 to TRY 173.52.
Narrative Update • Oct 17

Digital Transformation And Sustainable Finance Will Secure Future Leadership

Analysts have raised their price target for Turkiye Garanti Bankasi to ₺168.18 from ₺166.88, reflecting minor upward adjustments in fair value estimates and updated model metrics. Valuation Changes The Fair Value Estimate has increased slightly from TRY 166.88 to TRY 168.18.
Narrative Update • Oct 03

Digital Transformation And Sustainable Finance Will Secure Future Leadership

Narrative Update on Turkiye Garanti Bankasi Analysts have raised their price target for Turkiye Garanti Bankasi from ₺161.66 to ₺166.88. This change reflects updated assumptions around discount rates, revenue growth, and profit margins.
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New Narrative • Nov 13

Garanti BBVA's Digitalization And Decisive Focus Set To Navigate Challenges And Drive Growth

Strategic management and potential rate cuts may enhance Garanti BBVA's net interest margins and overall profitability.

Earnings and Revenue Growth Forecasts

IBSE:GARAN - Analysts future estimates and past financials data (TRY Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028734,044225,730N/AN/A3
12/31/2027596,257198,057N/AN/A4
12/31/2026497,768144,787N/AN/A4
3/31/2026362,846117,903-757,162-750,387N/A
12/31/2025328,837109,816-1,005,590-995,203N/A
9/30/2025302,273107,962-913,243-898,968N/A
6/30/2025271,76399,600-883,247-870,314N/A
3/31/2025247,47193,621-787,243-774,207N/A
12/31/2024228,39291,243-711,287-701,857N/A
9/30/2024208,89395,429-659,178-652,788N/A
6/30/2024197,40896,946-476,518-471,194N/A
3/31/2024179,87293,299-549,513-544,486N/A
12/31/2023160,15986,375-460,759-455,644N/A
9/30/2023146,66076,933-375,712-371,508N/A
6/30/2023131,76570,785-423,914-420,173N/A
3/31/2023119,09065,436-280,599-277,266N/A
12/31/2022106,96358,285-276,288-274,158N/A
9/30/202286,17742,610-348,210-345,876N/A
6/30/202264,82828,890-278,060-275,969N/A
3/31/202250,43119,017-229,841-228,495N/A
12/31/202140,58613,467-191,672-190,386N/A
9/30/202129,38610,899-72,521-70,865N/A
6/30/202127,0029,022-87,797-85,675N/A
3/31/202125,2087,659-64,604-62,631N/A
12/31/202023,4596,656-79,764-77,862N/A
9/30/202023,6666,410-88,887-87,921N/A
6/30/202020,3695,832-40,580-40,028N/A
3/31/202019,1146,091-33,759-33,168N/A
12/31/201918,1486,165N/A-19,540N/A
9/30/201918,9485,983N/A45,568N/A
6/30/201919,6446,369N/A-4,985N/A
3/31/201919,4226,372N/A-25,609N/A
12/31/201819,0946,642N/A-27,239N/A
9/30/201817,4676,907N/A-81,838N/A
6/30/201817,3997,160N/A-48,168N/A
3/31/201816,5346,803N/A-39,101N/A
12/31/201715,9616,332N/A-26,733N/A
9/30/201716,3066,220N/A-26,201N/A
6/30/201714,6875,596N/A-23,263N/A
3/31/201714,4965,595N/A-26,744N/A
12/31/201613,5185,105N/A-20,237N/A
9/30/201612,8534,856N/A-6,398N/A
6/30/201612,1024,162N/A-20,889N/A
3/31/201611,4713,751N/A-9,977N/A
12/31/201511,2363,581N/A-20,074N/A
9/30/201510,8353,443N/A-30,034N/A
6/30/201510,9003,795N/A-21,854N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: GARAN's forecast earnings growth (21.6% per year) is below the savings rate (22.4%).

Earnings vs Market: GARAN's earnings (21.6% per year) are forecast to grow slower than the TR market (33% per year).

High Growth Earnings: GARAN's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: GARAN's revenue (23.8% per year) is forecast to grow faster than the TR market (23.2% per year).

High Growth Revenue: GARAN's revenue (23.8% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: GARAN's Return on Equity is forecast to be high in 3 years time (28.7%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/10 11:38
End of Day Share Price 2026/06/10 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Turkiye Garanti Bankasi A.S. is covered by 30 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullAta Invest
Cristina MarzeaBarclays
Okan ErtemBNP Paribas