Stock Info & Listing
Garanti BBVA carried out its IPO in 1990 on Borsa İstanbul and became the first Turkish company to offer its shares on international markets in 1993. Garanti BBVA’s depositary receipts are listed on the OTC (Over-The-Counter) Markets in the USA. In 2012, Garanti BBVA got qualified to get in the prestigious tier of the U.S. OTC market, OTCQX International Premier, where companies traded must meet high financial standards and an effective disclosure process. With its yield and daily trading volume growth in 2022, the Bank qualified to be included in 2023 OTCQX Best 50 company.
Garanti BBVA had a market capitalization of TL 245 billion (USD 8.3 billion) as of year-end 2023.
With 14% free float rate, The Bank’s free float market capitalization corresponded to TL 34 billion (USD 1.2 billion). 47% of Garanti BBVA’s shares in the free float are owned by foreign institutional investors. Including the share of the domestic institutions, 77% of the publicly traded shares are held by institutional investors, whereas the remaining 23% are held by individual investors*.
SHARE PERFORMANCE
Throughout 2023, Türkiye’s economic landscape and stock market continued to be highly dynamic. 2023, a year diverged as before and after the May elections, was marked by the implementation of two different economic policies. In the first half of the year, which was defined by the general elections in May, foreigners remained more cautious in entering the market while local retail investors were increasingly getting in the stock market to hedge themselves against the high inflation. Post elections, the new economic team’s steps towards policy normalization and simplification was well-received by the investment community as well as rating agencies. In-line with this, Fitch Ratings, Moody’s and S&P all upgraded Türkiye’s sovereign rating outlook. As a result, foreign ownership in BIST increased for the first time in August during the year and the pace especially picked up in October. Foreign ownership in BIST finished the year at 30%**, up from its lowest point of 25% in June 2023.
This helped to contain the foreign investors’ net outflow from the Turkish stock market to USD 0.7 billion in 2023 and marks the lowest cumulative net foreign outflow the Turkish market has seen over the last three years. The majority of the net foreign outflow was driven by non-banking stocks and XBANK outperformed XU100 by 28% in 2023.
More in depth look into GARAN, there was a net foreign inflow of USD 54 million during the year and foreigners’ share in the stock increased to 47% from 42% at end of 2022. Consequently, GARAN emerged as the best performer amongst the banking stocks. The stock yielded 109% in TL terms and 33% in USD terms, outperforming XBANK by 21%. Garanti BBVA concluded 2023 as the most valuable banking stock and with the fifth-largest MCAP in BIST-100. Taking into account the increase in share price and dividends paid in 2023, the per-share value growth for our shareholders in the year reached 116%.
INVESTOR RELATIONS ACTIVITIES
Communicating the value created in a proactive, transparent and consistent way, Garanti BBVA Investor Relations’ activities in 2023 can be summarized as follows;
- The team participated in 13 investment conferences and roadshows, either in-person or online. The team met with 167 international investment funds from Asia, USA, Canada, the Middle East, Europe and Turkey.
- Each of the teleconference on quarterly Financial Results and the annual Operating Plan Guidance disclosure attracted live on average 150 analysts and investors.
- Consensus earnings expectations were managed by having one-on-one or group meetings on a regular basis with 21 equity analysts who cover Garanti BBVA.
- Operating Plan Guidance and results presentations were published on Garanti BBVA Investor Relations website and mobile app. The audio recordings of these presentations are also available on the website and mobile application. Contents are prepared both in Turkish and English for the convenience of the investment community and enable investors from all around the world to have easy access to all the information they need.
- Periodic newsletters were sent to investors and other stakeholders informing them on the current material developments including macro-economic and ESG issues,
- Following the financial results in each quarter, 2-minute summary videos were made available for the convenience of the stakeholders. These videos are public on both the website and our bank's social media accounts.
- Through the monthly released 'Macro Talks' videos, informative updates on macroeconomic developments are provided for all investors and stakeholders.
- Investor surveys were done to gather their opinions, and meet their expectations in relevant communications. Four surveys were conducted in total in 2023; the answers reflected their appreciation for the investor relations activities. The economic outlook was stated as a key determinant in their investment decisions. The main ESG criteria considered by the investors in their decision-making process were highlighted as the net-zero carbon goals as well as emphasis on Financial Health and Inclusive Growth.
Commitment to its irreplaceable values of the principles of trust, integrity, accountability and transparency serves as the guarantee of the Bank’s strong reputation and is Garanti BBVA’s main responsibility to all its stakeholders. The steps Garanti BBVA take to create value for the economy, the society and all its stakeholders are recognized by national and international authorities.
Garanti BBVA's Investor Relations website was honored with a gold Stevie award in the banking category, while the 2022 Integrated Annual Report was recognized with a total of four international awards
*According to MKK (CSD of Türkiye) data on 31 December 2023.
**In the calculation of foreigners share in BIST-100, QNB is adjusted.