Turkish-based Yapi Kredi has posted a net
profit for the first three quarters of fiscal 2010 of TRY1.87bn
($1.31bn), up 46% from the same period last year.
Part-owned by UniCredit, Yapi Kredi has increased its focus on
the retail sector – and it is alreasy paying off. Yapi Kredi
reported above sector deposit growth of 14% in the nine months to
30 September; in the same period lending grew by 23%.
Go deeper with GlobalData
Local currency lending was driven by SEM loans (31%) and
consumer loans (28%).
Yapi Kredi maintained its strong position in the credit cards
sector, with 19.8% outstanding volume market share.
For the full year, Yapi Kredi has said that
retail lending may grow by up to 40%.
Other highlights in the nine months to the end
of September included a 37% rise in loans per employee and a 16%
rise in deposits per employee.
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By GlobalDataLess positive metrics included an increase in
the bank’s cost-income ratio to 40.3%, up 120 basis points from the
year ago period.
Yapi Kredi’s non-performing loans ratio also
moved in the wrong direction, up 20 basis points from the previous
quarter to 4.3% (against sector average of 4.2%).
Yapi Kredi’s net interest margin has also come
under pressure, slipping to 4.3% in the third quarter from 5.4% and
4.7% in the past two quarters.
A net rise of 24 outlets in the year to date
has increased Yapi Kredi’s branch network to 862 units, the
fourth-largest in the country.
Yapi Kredi has also increased investment in
its digital channel, with the launch at the end of October of a
mobile banking application for Android platform smartphones.
Yakup Doğan, executive vice president of Yapı
Kredi in charge of alternative direct channels, said: “We thrive to
be where are our customers are and to provide the fastest service
with best quality. The first financial Android application in
Turkey is the result of this vision.”
The Turkish economy is forecast to grow by up
to 7% this year, after a contracting by 4.7% in 2009.
