ISBANK 2Q18 - BROADLY IN LINE
TL1,528m NI in 2Q18 is 6% above cons. core operational items were broadly in line with our estimates while TL150mn higher income recorded from participations compared to our forecast was offset by the same amount of free provisions. Earnings up by 22% y/y while the one-off adjusted 2Q18 ROAE is realized at 14.7%. Mainly driven by a higher cost of equity, we cut our TP to TL7.48/share, from TL8.19/shr.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.
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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