BGC Partners: HALKB 1Q19 Update - Weak operating profitability continues
Halkbank reported TL305mn unconsolidated net income in 1Q19, lower than the TL393mn consensus and TL399mn BGC estimates. The miss at the pre-tax level seems to be even higher, as the bank generated a higher-than-expected tax income, with pre-tax income reading TL116mn. With most of the P&L lines being in-line with estimates, we assess the main deviation occurred in higher-than-forecast opexTurkiye Halk Bankasi (Halkbank) is a banking and financial services company based in Turkey. Co. offers corporate and commercial banking products and services to a range of customers, from individuals to large corporations. Co.'s operations include: consumer and retail banking, consumer loans, credit and debit cards, deposit and overdraft accounts, payroll services, corporate and commercial banking, budget loans, credit line facilities, cash management, investment banking, brokerage, factoring, leasing and insurance services, and tradesmen/SME banking. As of Dec 31 2011, Co. operates 771 branches and had total assets of TL92,160,657,000.
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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