BGC Partners - Akbank TAS (AKBNK) BGC Partners - AKBNK 1Q19 Update: Strong fee trading income offset by provisions

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BGC Partners

Cagdas Dogan

EUR 102.91 For Business Accounts Only

BGC Partners - AKBNK 1Q19 Update: Strong fee & trading income offset by provisions

Akbank reported TL1,413mn unconsolidated net income in 1Q19, broadly in line with the TL1,352mn consensus and TL1,340mn BGC estimates. We observe strong trading gains and fee income growth. Whereas, beats on those items were offset by TL100mn of free provisions and additional c.TL400mn provisions for ex-Otas loan. Otherwise, growth, margins, and cost dynamics were broadly in line with expectations and projected peer averages. In summary, following significant deleveraging in previous few quarters and the capital injection early in 1Q19, Akbank grew in TL business loans while margins were supported by declining TL deposit costs, partially offsetting lower revenues from CPI-linkers. Meanwhile, fee growth remained very strong while NPL formation was under check. As such, 1Q19 ROE was realised as 12.4% in line with the management guidance for FY19.

29/04/2019 6 EN

Underlying

Akbank TAS

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.

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TRAAKBNK91N6 Istanbul Stock Exchange Turkey

Provider

BGC Partners

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

See profile

Analysts

Cagdas Dogan

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BGC Partners - AKBNK 1Q19 Update: Strong fee & trading income offset by provisions

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WOOD Daily: PL Utilities; MIL PW; AKBNK TI; KTY PW; OPL PW; PKN PW; TL Macro; MTLN GA; EUROB GA; BRISA TI; ALE PW

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BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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