BGC Partners - Yapi ve Kredi Bankasi A.S. (YKBNK) BGC Partners - YKBNK 3Q19 Update: Efficiency improvement continues

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BGC Partners

Cagdas Dogan

EUR 103.01 For Business Accounts Only

BGC Partners - YKBNK 3Q19 Update: Efficiency improvement continues

Yapi Kredi Bank reported TL976mn unconsolidated net income in 3Q19, broadly in line with the TL944mn consensus and TL960mn BGC estimates. We observe that the results were very much in line with our estimates and overall we assess that YKB continued to deliver robust operational metrics, with persistent efficiency gains, in particular.

05/11/2019 6 EN

Underlying

Yapi ve Kredi Bankasi A.S.

Yapi Ve Kredi Bankasi is a financial services group. Co. serves its customers through its retail banking segment comprising of individual banking, Small and Medium Size Enterprises banking and card payment systems, corporate and commercial banking as well as private banking and wealth management segments. Co.'s operations are supported by domestic subsidiaries in asset management, brokerage, leasing and factoring as well as international banking subsidiaries in the Netherlands, Russia and Azerbaijan. As of Dec 31 2014, Co. had total assets of TL194.96 billion and total deposits of TL107.63 billion.

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TRAYKBNK91N6 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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WOOD Daily: EBS AV; BRISA TI; AKCNS TI; TKNSA TI; YKBNK TI; ADNOCDIS UH; EUROB GA; GARAN TI; CZ Macro; CEZ CP; HU Macro; Polish Utilities; ARABIAND AB; TUPRS TI; ENA PW; NLBR SV; RICHT HB; TPE PW; PGE PW

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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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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.

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BGC Partners - YKBNK 3Q19 Update: Efficiency improvement continues

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

The Rear-View Mirror – EME markets: Hungarian BUX in the lead in October

WOOD Daily: EBS AV; BRISA TI; AKCNS TI; TKNSA TI; YKBNK TI; ADNOCDIS UH; EUROB GA; GARAN TI; CZ Macro; CEZ CP; HU Macro; Polish Utilities; ARABIAND AB; TUPRS TI; ENA PW; NLBR SV; RICHT HB; TPE PW; PGE 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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