Turkey-based Akbank has kicked off the Turkish
reporting season with a 10.5% increase in net income for fiscal
2010 to TRY3bn ($1.9bn).

Total loans increased by 29.4% in the twelve
months to 31 December to TRY57.7bn.

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The bank’s deposits increased 17.6% in fiscal
2010 to TRY71.8bn.

Net interest income for the full year fell
6.3% to TRY4.4bn, while net fee income was up by 2.6% to
TRY1.4bn.

Akbank, in which Citigroup has a 20% stake,
ended fiscal 2010 with total assets of TRY120.1bn, up 16.7% from
the prior fiscal.

Akbank’s domestic banking rivals Denizbank,
Yapi Kredi, Garanti, Isbank and Ziraat Bankasi are expected to
report in March.

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