Akbank, the Turkish
based lender part-owned by Citigroup, has posted a third quarter
net profit of TRY439.2m ($303.6m), down 35% from the same period
last year.
The results missed
analyst forecasts as a declining net interest margin – in the third
quarter it fell to 2.3% from 4.2% and 5.5% in the previous two
quarters – more than offset strong loan growth.
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For the first three
quarters, Akbank posted a net profit of TRY2.29bn, up 13.7% from
last year.
Total retail lending
grew by 21.9% to TRY18.3bn.
Akbank’s general purpose
retail lending market share increased by 60 basis points from a
year ago to 9.6%; retail mortgages market share remained flat
year-on-year at 10.4%.
Akbank’s non-performing
loans (NPL) ratio dropped to 2.4 % at of end of third quarter, down
10 basis points from the previous quarter and a decline of 150
basis points from a year ago.
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By GlobalDataIn the year to date,
deposits increased by 11.8%.
Akbank’s market share of
Turkish lira deposits slipped 10 basis points from a year ago to
11.9% while its share of foreign exchange deposits rose by 10 basis
points to 10.2%.
Akbank’s market share of
the credit card sector slipped 30 basis points from a year ago to
13.4; on a positive note, its credit card NPL ratio of 4.9% is
almost half the sector average NPL ratio of 8.9%.
