28 February 2005 -

Report Summary

Garanti Bank disclosed a net profit of YTL 450.5 mn (US$ 337.2 mn) for 2004 on its inflation adjusted BRSA bank only statements. The actual net profit is slightly above the market consensus of US$ 320 mn and 11% below our estimation of US$ 378 mn. The difference mainly stems from the higher than expected interest expenses.

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