Garanti Factoring continues sustainable growth

Garanti Factoring experienced a significant 42% earnings increase in 2009, and reported a net profit of €4.85mn for the end of the financial year.

Cengiz Ucbasaran, general manager of Garanti, comments on the Turkish factoring company’s success: "Garanti Factoring continues its positive trend in profitability, client numbers, market penetration and market share. Our 2009 balance sheet result is a real indicator of the company’s ongoing support to the real sector throughout the financial turmoil.”

Ucbasaran continues: “Garanti Factoring successfully continued its sustainable growth in 2009, achieving a €4.28bn turnover while enjoying a return-on-equity figure of 22%. Despite the global economy struggling against crisis and recession, Garanti Factoring reached a balance sheet size of €0.5bn, with a 52% growth compared to the previous year.”

In 2009, Cengiz Ucbasaran was chosen as the first Turkish chairman to the International Factors Group.