AKBANK 2Q18 - IN LINE
TL1,602m NI in 2Q 5% above cons as higher-than-expected interest income and trading gains were offset by higher-than-forecast net NPL formation while 2Q18 ROAE is realised as 15.4%. NPL formation rate was realized at 314bps in 2Q18, even higher than the peak seen back in 1Q09. HOLD maint'd while 0.63x18E P/B and 5.4x18E P/E are are attractive.Akbank is a commercial bank. Co. operates in five segments: Retail banking offers a range of retail services, such as deposit accounts, loans, credit cards, insurance products and asset management services; Corporate and Small and Medium Size Enterprises banking provides financial solutions and banking services; Treasury Activities conducts regional and foreign currency spot and forward transactions, bonds and other domestic securities; Private banking offers banking and investment transactions for upper-income groups and the International banking provides services for foreign trade financing and Turkish Lira clearances, and money transfers through agent financial institutions.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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