BGC PARTNERS - 1Q18 VAKIFBANK IN LINE
TL1,051mn NI was in-line w/previously revealed tax financials as trading income and fees came in higher, offset by similarly higher-than-forecast operating expenses and provisions. We think that the overall performance of VAKBN remained solid in 1Q18, with strong volume growth and fee income being offset by relatively weaker NIM, cost growth, and net NPL formation, helping the bank achieve an ROAE of 17%. While the multiples of 0.5x 2018E P/B and 3.3x 2018E P/E are clearly attractive, we maintain our HOLD recommendation, for the time being, as we are worried on the need for additional provisioning going forward, given the low starting level of stage-2 book.Turkiye Vakiflar Bankasi (Vakifbank) is a banking and financial services company based in Turkey. Co. offers products and services that cover corporate, commercial, investment and small-scale enterprise banking as well as the retail and private banking sectors. Co. also provides financial leasing, portfolio management, real estate, insurance and factoring services through its financial participations. Co.'s deposit products include time and demand deposits, as well as loans comprise spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, gold loans, foreign currency loans, eximbank loans, and pre-export loans.
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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