BGC Partners - Turkiye Is Bankasi Anonim Sirketi Class C (ISCTR) BGC Partners - ISCTR 4Q19 Update: Slight beat thanks to trading gains

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BGC Partners

Cagdas Dogan

EUR 102.91 For Business Accounts Only

BGC Partners - ISCTR 4Q19 Update: Slight beat thanks to trading gains

Isbank reported TL2,310mn unconsolidated net income in 4Q19, slightly higher than TL2,280mn consensus and TL2,345mn BGC estimates, when adjusted for the TL300mn of free provisions set aside during the quarter. Details show that it was primarily higher-than-expected trading gains which caused the deviation compared to our estimates.

17/02/2020 6 EN

Underlying

Turkiye Is Bankasi Anonim Sirketi Class C

Turkiye Is Bankasi is a commercial banking group based in Turkey Co. is engaged in the provision of private, retail, commercial and corporate banking, money market and securities market operations as well as international banking services. Co. provides services to corporations, SMEs and other trading companies (excluding real trading persons) within the course of its corporate and commercial operations. Co. is organized into two main business segments: Banking segment, which includes corporate, retail and private banking, as well as treasury; and non-banking operations, which are followed according to insurance, ‘investment and finance' and ‘manufacturing and trading' segments.

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TRAISCTR91N2 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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Finance Ministry released February Central Government budget figures and the data showed further improvement in budget balances, as already suggested by the Treasury cash budget figures.

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Cagdas Dogan

Cagdas Dogan

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

OUR TAKE: We observe no major change in inflation expectations, as the positive surprise in February reading seems to be offset by increased depreciation pressure on TL, while 2020 GDP growth forecast has been cut for the first time since July 2019. Meanwhile, there seems to be a 50bps rate cut expectation from the CBT in next weekâ€™s meeting, 100bps over the next three months, and 175bps over the next twelve months. We currently plug in a 50bps rate cut in our forecasts in next weekâ€™s meeting, followed by a 25bps in the April meeting. (CBT, BGC Partners)

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

According to Turkstat, retail sales volume registered a 9.6% y/y expansion in January 2020 in unadjusted terms; while the calendar-adjusted figure also increased by 9.6% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 11.9% increase recorded in December 2019.

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BGC Partners - ISCTR 4Q19 Update: Slight beat thanks to trading gains

Turkish Banking Sector - Initial glance into 2026: Funding mix to drive outperformance

The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in November

WOOD Daily: THYAO TI; CIMSA TI; TUPRS TI; ISCTR TI; ELM AB; ARABIAND AB; AKCNS TI; CEZ CP; RBW PW; EME Macro/Strategy Weekly; BDX PW; HUG PW; TEN PW; H2O RO; ALARABIA AB; Rear-View Mirror; MUR PW; RBW PW

BGC Partners: TURKEY - Central Government Budget continued to improve in February

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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