BGC Partners: VAKBN 1Q19 Update - Operationally better with exceptional fee income
Vakifbank reported TL651mn unconsolidated net income in 1Q19, broadly in line with the TL664mn consensus and slightly lower than the TL702mn BGC estimates. However, we should note that our estimate included some TL280mn of free provision reversal expectation, which materialized at only TL113mn, indeed suggesting a beat, albeit a relatively weak ROAE of c.8% in 1Q19Turkiye 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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