Garanti Factoring continued its successful performance with a significant increase of 23% in earnings and achieved a net profit of 3 million TL at the end of first quarter 2010. The balance sheet size of Garanti Factoring reached 1.25 billion TL while the company continued to enjoy a healthy ROE figure of 23 %.

Mr. Cengiz Ucbasaran, General Manager of the company said that "Garanti Factoring maintains its ongoing support to the real sector through continuous cash flow, secured sales, commercial collection service, supplier finance and a wide range of import and export product suite. With our unique innovative approach to business, we intend to continue pioneering the new initiatives in customer driven products and solutions available for the sector.

He also emphasized that "Turkish Factoring Industry has seen a robust start in the first quarter of 2010 in terms of customer growth and activity. We expect that the sector will continue to grow at accelerated pace for the rest of the year achieving a positive growth in excess of 20 % in 2010 as the overall economic activity picks up in Turkey resulting in factorable trade and receivable volumes to increase accordingly."