Akbank has reported a 53 percent increase in
full-year net profits for fiscal 2009 to TRY2.72 billion
($1.79 billion)

The Turkish-based lender, in which Citigroup
has a 20 percent stake, grew net interest income by 32 percent to
TRY4.59 billion while fees and commission income increased by 16
percent to TRY1.32 billion.

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Total assets increased by 11.2 percent to
TRY102.8 billion.

Ziya Akkurt, Akbank chief executive, said the
bank planned to invest TRY350 million during 2010 on IT and
expanding its 900-strong- branch network by 50 outlets.

“In 2010, we will make the largest ATM
investment in our history, renovating existing ATMs and
[installing] new ATMs,” added Akkurt.

Other targets for fiscal 2010 include:

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  • Loan growth of 20 percent
  • Deposits growth of 16 percent to 18 percent
  • Net commission income to grow by 18 percent
  • Non-performing loans of around 3.3 percent