BGC Partners - Yapi ve Kredi Bankasi A.S. (YKBNK) YKBNK 2Q18 - SLIGHTY BETTER

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BGC Partners

Cagdas Dogan

EUR 103.27 For Business Accounts Only

YKBNK 2Q18 - SLIGHTY BETTER

TL1,227m NI is 11% above cons. While the effective tax rate in 2Q18 was a lower-than-expected 19%, we should also note the bank has set aside a higher-than-expected TL188mn free provisions during the quarter. All in all, earnings increased by some 38% y/y while 2Q18 ROAE is realised as 15.0% when adjusted for the TL4.1bn rights issue at the end of the quarter. YKBNK has not offered any formal changes to 2018 budget guidance but mentioned downside risks on cost of risk and CAR while highlighting an upside risk in fee income. Meanwhile, mainly driven by a higher cost of equity assumption, we cut our 12M TP to TL2.77/shr to TL3.11/shr. We think that YKBâ€™s multiples of 0.47x 2018E tangible P/B and 3.8x 2018E P/E are fairly attractive, as we maintain our BUY recommendation.

01/08/2018 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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YKBNK 2Q18 - SLIGHTY BETTER

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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