BGC Partners - Turkiye Vakiflar Bankasi Turk Anonim Ortakligi (VAKBN) BGC Partners - VAKBN 4Q19 Update: Peer-best NIM recovery continued as expected

Report

BGC Partners

Cagdas Dogan

EUR 103.26 For Business Accounts Only

BGC Partners - VAKBN 4Q19 Update: Peer-best NIM recovery continued as expected

Vakifbank reported TL1,280mn unconsolidated net income in 4Q19, higher than the TL1,026mn consensus and TL987mn BGC estimates. We observe that the main deviations from our estimates were higher-than-expected volumes and trading gains and lower-than-forecast CoR. In summary, Vakifbank continued to gain material market share in both loans and especially deposits while also benefiting from a significant c.140bps q/q NIM expansion. The bank continued with the recognition of NPLs as guided by the regulator, leading to a further pick-up in CoR in 4Q19. Whereas, fees continued to grow at a peer-best level while cost pressure also remained slightly above that of peers. As such, Vakifbankâ€™s ROAE was realized as 16% in 4Q19, well above the 9% in FY19.

17/02/2020 6 EN

Underlying

Turkiye Vakiflar Bankasi Turk Anonim Ortakligi

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.

See profile

TREVKFB00019 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

Other Reports on these Companies

Ünlü&Co

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

Macro outlook: The CBT has reduced the policy rate by 950bps to 38% in YE25. For the subsequent cycle, we expect the policy rate to decline to 30% by 2026E, with a more gradual, rather than steep, trajectory of quarterly margin improvements throughout 2026. Inflation is projected to ease to 31% in FY25 and 23.2% in FY26, down from 44.4% in 2024. For the valuation of CPI-linked securities, we use an Oct–Oct inflation assumption of 24%. Turkish banks are transitioning from CPI-driven to spread-driven profitability. The earnings outlook will be shaped by client driven margin recovery, softer fe...

EUR 57.37

December 15, 2025 December 15, 2025 1 EN

Ünlü&Co

Turkish Banking Sector - Well-positioned for the long-awaited rate cut cycle

Turkish banking sector is poised for strong earnings rebound in 2025-2026, driven by recovering margins and an improving macroeconomic backdrop. After an estimated 18% sector-wide EPS decline in 2024, aggregate EPS is forecast to surge by 63% in 2025, followed by another 61% growth in 2026. Key drivers include a significant NIM recovery amid rate cuts, continued (though moderating) fee income growth, and normalization of trading gains. Sector ROAE is projected to rise to 27% in 2025E and 33% in 2026E, reflecting robust profitability under more normalized conditions. With the CBT expected to r...

EUR 57.37

July 8, 2025 July 8, 2025 1 EN

Moody's Investors Service

Turkiye Vakiflar Bankasi T.A.O.: Key facts and statistics - H1 June 2024

A summary company profile, detailing Turkiye Vakiflar Bankasi T.A.O.’s business operations and financial highlights.

EUR 169.24

September 19, 2024 September 19, 2024 1 EN

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

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.

EUR 103.26

March 16, 2020 March 16, 2020 1 EN

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)

EUR 103.26

March 13, 2020 March 13, 2020 2 EN

Cagdas Dogan

Cagdas Dogan

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.

EUR 103.26

March 13, 2020 March 13, 2020 2 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

BGC Partners - VAKBN 4Q19 Update: Peer-best NIM recovery continued as expected

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

Turkish Banking Sector - Well-positioned for the long-awaited rate cut cycle

Turkiye Vakiflar Bankasi T.A.O.: Key facts and statistics - H1 June 2024

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe