Turkey Wake up call: Macro and Political News, 10th February

This analysis by GLOBAL Securities is presented to you by Raiffeisen Centrobank AG. Raiffeisen Centrobank AG acts solely as a distributor of this analysis and has not introduced any material changes to the content of this analysis or any recommendation included herein.

Wake – up call

BIST dropped 1.04% on Friday, but still ended the week with cumulative gains of 1.57%. After a slight positive start, benchmark index slipped into negative territory after 11:30AM and stayed there for the rest of the day. Selling pressure intensified after 5PM along with the slide in lira that came under pressure with USD strength following the American payrolls data. Banks were weaker with the 2.06% loss in their sector index with heavyweights GARAN and AKBNK getting hit. PGSUS, EKGYO, SAHOL, THYAO, PETKM, and TAVHL were among the weakest non-banks while KCHOL, SODA, KOZAL, GUBRF, and INDES stood out as rare gainers for the day. Coming to this morning, our local macro agenda showcases the unemployment statistics for November'19 to be released at 10AM local time. Headline unemployment had declined 0.4pp to 13.4% in October mainly due to a lower labour participation rate while remaining visibly above the 11.6% level for same month of 2018. We predict a slight negative open for the BIST as the Central Bank/BRSA restrictions on banking fees & commissions may weigh on bank stocks while some gains in lira (USDTRY now at 6.0045 vs 6.0402 at Friday’s closing bell) following the decline in swap limitations could provide some cushion. U.S. futures are up 0.1% in early trades while Asian markets are mostly trading in the red except for small gains in mainland China benchmarks.
Macro and Political News:
(=) Turkey reinforces observation posts in Syria’s Idlib… Turkish officials reiterated over the weekend that Ankara’s willingness to defend the country’s military observation points in northwestern Syria’s Idlib amid an ongoing assault by the Russia-backed Assad regime that would drive hundreds of thousands of refugees into the country. The Defense Ministry said in a statement Saturday that Turkey will give the harshest response within the scope of its right to self-defense if the observation points in Idlib face fresh attacks. The statement added that observation points in Idlib continue to serve their duties and are capable of defending themselves with the arms and equipment they possess. The statement came in the wake of a fresh deployment to Idlib earlier on Saturday. Local sources told that a convoy of at least 330 military vehicles entered Idlib through the Kafr Lusin pass and dispatched to different observation points. This was one of the largest military convoys recently sent to the region, sources said. Earlier, security sources emphasized they were only to reinforce the 12 existing posts established under a 2018 deal with Russia to prevent an offensive by Syrian regime forces. In this regards, Turkey has deployed additional troops to its observation points in northwestern Syria. According to sources, more than 500 vehicles had been dispatched to the Syrian border.
(=) Turkish and Russian officials met in Ankara to discuss Idlib… Turkish and Russian senior officials met in Ankara to discuss developments in Idlib as Turkey continues to deploy forces on its border with Syria amid escalating tensions with the Assad regime. The Turkish delegation, headed by Turkey’s Deputy Foreign Minister Sedat Onal, held a three-hour meeting with the Russian delegation, including Russian President’s Special Envoy for Syria Alexander Lavrentiev and Russian Deputy Foreign Minister Sergey Vershinin. According to a statement by the Turkish foreign ministry, officials discussed steps to calm the situation in Idlib and agreed to continue meetings in the upcoming week. Early Monday, the regime shelling of Turkish positions killed seven Turkish soldiers and a civilian. Turkey’s Defence Ministry said that Turkish check-points in Idlib continue their duties as usual and are capable of protecting themselves, adding that they would respond to any new attack in the harshest manner in accordance with legitimate defence.
(=) Defense Minister: Turkey has plan B and C for Idlib… Defense Minister Hulusi Akar said that Turkey has alternative plans for northwestern Syria's Idlib and will follow through as it did with Operation Peace Spring, even though its warnings have been ignored by strategic partners. Akar stressed that Turkey asked its strategic partners multiple times to carry out a joint anti-terror operation to clear terrorists off our border area and told them that we had a plan B and C if they did not accept our offer. He added that Turkey proceeded by carrying out Operation Euphrates Shield only a month after the coup attempt, while it also did not hesitate to carry out Operations Olive Branch and Peace Spring, adding that Turkey will not hesitate to carry out another operation if the Bashar Assad regime forces do not withdraw from Turkish observation post areas by the end of February. Akar noted that this was not a threat but the last option to reach a peaceful solution in the region. He said Turkey will do “whatever necessary” if the Assad regime tries to obstruct military reinforcements to the observation posts which are located in areas recently occupied by the regime. Akar underscored that Turkish observation posts will stay in the area as per the agreements signed with Russia and reinforcements will continue to take place. The defense minister added that Turkey uses armed and unarmed unmanned aerial vehicles to continuously check the area.
(=) Turkey warns of severe response to Syria regime attacks… Turkey’s UN Ambassador Feridun Sinirlioglu warned Thursday of a severe punishment against Syrian regime aggression in Idlib. Addressing the UN Security Council in New York, Sinirlioglu said Bashar al-Assad wanted to draw Turkey into his dirty war by deliberately targeting. Sinirlioglu said any military aggression targeting Turkey’s security and Turkish soldiers will be severely punished.
(=) No tolerance for attack on Turkish forces in NW Syria’… Turkey’s communications director on Saturday that Turkey will never tolerate attacks by the Assad regime on its forces in Idlib, northwestern Syria. Fahrettin Altun, Turkey’s communications director, told a meeting on Turkey and Syria held in Istanbul that it is never possible for us to tolerate the things that have happened in Idlib. The Turkish troops are in northwestern, Syria, just across the Turkish border, as part of an anti-terrorist and cease-fire mission. Altun warned that if the process of a refugee influx, which started just beyond our borders, cannot be stopped immediately, a new and larger influx of refugees will start, eventually reaching European capitals.
(=) Erdogan: Turkey won’t allow Trump’s middle-east plan to materialize… President Erdogan said on Sunday that Turkey will not allow the implementation of Donald Trump’s Middle East plan that legitimizes Israeli occupation under U.S. auspices. Erdogan noted that the so-called “Deal of the Century” completely destroys Palestinian existence and proposes the annexation of Jerusalem, highlighting that the plan is nothing but a proposal that threatens peace and calm in the region. President Erdogan said that Israel reached its current borders through the destruction of Palestine and the suffering of Palestinians, adding that Turkey will never remain silent on the annexation of Jerusalem or abandon Palestinians. He reiterated once again that Jerusalem is a red line for Turkey. Recall, Trump recently unveiled the long-awaited peace plan for the Israeli-Palestinian conflict, although it had already been rejected by Palestinians.
(+) Turkey and UK to hold talks on post-Brexit trade… British Ambassador to Ankara Sir Dominick Chilcott said on Feb. 7 that The Ankara Agreement and Customs Union with Turkey will continue during the Brexit transition period of 2020, and the two countries will work to sign a bilateral free trade agreement to be put into effect as of Jan. 1, 2021. The most crucial issues regarding Turkish citizens after Brexit in the United Kingdom are regulating the bilateral trade and the rights of Turkish citizens living in this country granted by the Ankara Agreement. The visa scheme issued by the U.K. government to Turkish businesspeople and their families was based on the 1963 Ankara Agreement between Turkey and the European Economic Community, a predecessor to the EU. It has been in use by Turks who came to the U.K. to establish new businesses.
Chilcott said at a meeting with Diplomatic Correspondents’ Association that after the end of the transition period, the end of this year, they will be no more in the EU and they will no longer be a party for the Ankara Agreement. He added that the provisions of the agreement will not apply to British state. He recalled that the British government announced its terms of immigration aspects of Ankara Agreement and a new immigration system which will be an Australian points-based immigration system and will be tuned according to the need of their labour market in the U.K. This could be an advantage for Turkey. Chilcott said, asked if the Ankara Agreement will be valid during the transition period, the position will not change until they have a new law, highlighting that the arrangement under the Ankara Agreement continues until the new law. Chilcott noted that 90 percent of British-Turkish trade, which is worth over USD20bn a year, and has grown steadily in the last decade by 50%, is goods passing through the Customs Union agreement. He stressed that they should make a British-Turkish Free Trade agreement ready by the 1st of January 2021 to ensure continuity of that very valuable trade.
(+) Treasury and Finance Minister: Public lenders to further slash loan rates… Treasury and Finance Minister Berat Albayrak said that Turkish state-owned banks will further lower interest rates on loans as the country has made a promising start into 2020 in line with the targets and projections made for this year. Albayrak told a meeting with businesspeople that the government had a talk with executives from public banks regarding interest rates, adding that they agreed to lower interest rates on loans, which currently hover around at 9% and 10%, to a range of 8% and 10%. Emphasizing that borrowing costs have been declining fast in line with the central bank’s rate cuts, Albayrak stressed that these discounts would not be reflected as a loss on the real sector but as a gain. The minister said that interest rates on commercial loans have declined by an average of 14 points in January compared with the same month of the previous year, while those on housing loans also declined by 14 points on average, interest rates on consumer loans decreased by 16 points and rates on vehicle loans declined by over 15 points. He underlined that the state-owned banks are playing a leading role in efforts to revive the economy.
Albayrak said that Turkey started off well in 2020 with its growth rate to be able to exceed its target of 5% in the first quarter, emphasizing that the fight against inflation and interest rates will continue to be a priority among policies this year. Albayrak underscored that Turkey closed 2019 with a performance beyond expectations despite all negative expectations regarding inflation, exchange rates, interest rates and growth, reiterating that the fight against inflation continues in line with the goals. To remind, the inflation rate is expected to hit 8.5% this year, as laid out in the new economic program for 2020-2022 announced by the government last September. The CBRT recently reaffirmed its view that inflation will converge gradually this year as it made no changes in its midpoint inflation forecast for the end of this year and next. Policymakers at the bank project inflation at 8.2% in 2020. Last but not the least, Treasury and Finance Minister said that Turkey started off well in 2020 with its growth rate to be able to exceed its target of 5% in the first quarter.
(+) Size of Turkish bond issuance reaches record high… Turkey’s U.S. dollar-denominated bond issuance has reached a record international demand of USD4bn. The issue has been the first dual-tranche deal from the Republic of Turkey in international capital markets since 2007. Recall, the ministry authorized Citi, Deutsche Bank, JP Morgan and Societe Generale to issue the bond due in 2025 and 2030 last week. The transaction was finalized with a nominal amount of USD4bn. International demand – over 200 investors – for a new Turkish bond issue more than tripled its actual size. While the five-year bond has a coupon rate of 4.25% and its yield rate for investors is 4.45%, the 10-year bond’s coupon rate was 5.25% with a yield rate of 5.45%. The largest national share of the bonds, 51%, was sold to investors from the U.K., followed by 18% to the U.S., 14% to other European countries, 10% to Turkey and 7% to other regions. With this transaction, the amount of funds raised from international capital markets in 2020 stands at USD4bn.
(+) Turkish Treasury posted TRY22.8bn cash surplus in January… The Turkish Treasury2s cash balance posted a surplus of TRY22.8bn in January. Last month, the Treasury’s cash revenues amounted to TRY119.95bn, up 23% on a yearly basis. Expenditures – including interest payments of TRY7.56bn – increased 2.85% to TRY97.2bn, compared to the same month last year. In January, the Treasury’s non-interest expenditures were TRY89.6bn and non-interest cash balance was TRY30.35bn.
(+) Per capita savings in Turkey reached over TRY17,000 in 2019… Total savings deposits in Turkey climbed 25.4% year-on-year in 2019, with per capita savings increasing to TRY17,394. Overall savings increased to TRY1.4tln over the last year, according to data from the Turkish Statistical Institute (TurkStat) and Banking Regulation and Supervision Agency (BRSA). Savings per capita came to nearly TRY 14,000 in 2018. Note that some 42.5% of total savings deposits in Turkey were accumulated in Istanbul. The city collected TRY614.7bn in savings deposits in 2019, quadruple that of the capital Ankara.
(+) Turkish clothing-makers expect USD2bn worth of orders shifting from coronavirus-hit China… Several fashion retailers that manufacture clothing in coronavirus-hit China are in talks with Turkish firms about shifting production to Turkey, two sector officials told Reuters, with one predicting new orders worth up to USD2bn. Polish fashion retailer LPP has said it is in talks with factories in Turkey, Bangladesh and Vietnam as a backup plan if Chinese production delays continue. Turkish manufacturers have in recent years shifted their clothing production upmarket as China’s dominance grew globally. However, the outbreak has sent some European companies back to Turkey. As manufacturing costs levelled between China and Turkey, some European firms were (already) considering shifting orders toward here.

Sector and Company News:
(=) New draft regulation of banking and capital markets… Turkey’s ruling Justice and Development (AK) Party has submitted a proposal to Parliament on the country's banking law that will enable more efficient regulation of the banking industry and capital markets. Among others, the amendment would also enable individuals to join large-scale public infrastructure projects. The proposal foresees the transfer of authority to determine the level of fees and commissions for banking operations to the Central Bank of the Republic of Turkey (CBRT), the Banking Regulation and Supervision Agency (BRSA) said in a statement. The proposed amendment will introduce fines for manipulation in financial markets and increase penalties for other violations.
The minimum jail sentence for anyone manipulating the price of financial securities or benefiting from information obtained illegally will be raised to three years from two. According to the new proposed amendment, the minimum jail sentence for anyone manipulating the price of financial securities or benefiting from information obtained illegally will also be raised to three years from two. The law contains important regulations for capital markets, such as the effective sanctions against violation in capital markets or manipulation. Fines related to capital market crimes committed by legal entities have also been increased, which are intended to protect capital market investors, along with other issues that will improve the capital market. Some issues bring brokerage houses closer to investment banking.
Among others, the proposal also offers further development of participation as well as development and investment banking. It also offers securitization and financing of large-scale projects such as those related to the energy sector and road construction. Hence, with the new proposal, citizens can become partners by financing large-scale projects. Individuals can also be partners in public infrastructure projects, apart from the banking system. Those who have a share in profit distribution will benefit from it, these are important developments. The proposal was aimed to open the way for investment banks by stretching the deposit collection restrictions of investment and development banks.
Within the scope of the proposal, lenders will be obliged to prepare pre-emptive recovery plans and submit those to the banking regulator to determine the precautions to be taken in case of any situation that would cause deterioration in their financial structures. The new law proposal will also redefine the risk group and the qualified shareholders, high-ranking bank executives and corporations they directly or indirectly control will constitute the risk group that the bank is involved in. Turkey Wealth Fund (TWF) will join the list of state institutions that can issue debt and conduct transactions without being subject to credit limits.

(=/-) Turkey lowers banks’ FX swaps with non-resident investors… The Banking Regulation and Supervision Agency (BRSA) has cut the amount of derivatives including FX swaps that banks can execute with foreign investors in a step to maintain some stability in the lira. The new regulation has come after the TRY hit its lowest level in eight months against the dollar on Friday. Based on an announcement by the BRSA, the total notional amount of banks’ currency swaps, forwards, options and other similar derivative transactions (total amount of wrong-way derivatives transactions) with non-residents where banks receive TL at the maturity date, have been limited not to exceed 10% of the bank’s most recently calculated regulatory capital, while this restriction does not apply to the transactions with their non-resident financial subsidiaries and affiliates which are subject to consolidation. The above-mentioned ratio should be calculated daily on solo and consolidated basis. In this regard, unless current excess is eliminated, no further transactions of these types could be executed and maturing transactions should not be renewed. Recall, as it was stated on the press release dated 15/08/2018, this ratio was at 25%. This regulation could further limit foreign funds inflow into TL assets.

(-) Regulatory Authority sets new limits on commercial and retail banking fees… The CBRT sets maximum amounts or rates of fees that banks can charge their clients for products and services. Fees that banks can charge their commercial clients for products and services, offered under the four categories as Commercial Loans, Foreign Trade, Cash Management and Payment Systems, have been limited to 51 items. Quantitative or qualitative restrictions have been introduced to some fee items. Obligation to inform has been imposed on banks for transparency purposes. Also, the CBRT simplifies retail banking fee items and sets new ceilings for charges.

Turkish Wealth Fund acquired 10% stake GUSGR from Grupama at TL1.63 per share.

(=) THYAO posted 5.6mn passenger traffic for January 2020, down by 0.4% YoY. During this period, domestic passengers carried were down by 13% YoY, while international pax were up by 10% YoY. Load factor, on the other hand, improved by 120bps, reaching 80.6%, with 30bps lower and 160bps higher in domestic and international load factor. Cargo/Mail carried in January increased by 8.4% YoY to 121,605 tons. We see that the strong international pax growth trend continues in January 2020 yet the expected recovery in domestic pax hasn’t started yet.

(=) TTRAK is to release its 4Q19 earnings in 10th of February on Monday. Research Turkey consensus: TL 1.056 mn revenues, TL 129 mn EBITDA and TL 58 mn net profit. Global Estimate: TL 1.069 mn revenues, TL 162 EBITDA and TL 44 mn net profit.

TRYmn Consensus Global Securities 4Q18 Cons vs 4Q18 3Q19 Cons vs 3Q19
Revenue 1.056 1.069 908 16% 983 7%
EBITDA 129 162 110 17% 102 26%
margin 12,2% 15,1% 12,1% 0,1 pps 10,4% 1,8 pps
Net profit 58 44 74 -22% 22 162%
margin 5,5% 4,1% 8,2% -2,7 pps 2,3% 3,3 pps

(=) TAVHL announced TL1,419mn in its 4Q19 financials, with 339% YoY and 153% QoQ increase, mainly due to the compensation from early closure of Ataturk Airport. On the other hand net income missed both consensus and our net income estimates of TL1,534mn and TL1,662mn respectively, through the impact of lower profit from discontinued activities at EUR248mn, while our estimate was at EUR260mn. The company declared a net loss of EUR22.1mn from continuing operations in 4Q19, worse than the EUR5.8mn loss in 4Q18, mostly due to the EUR10mn impairment reversal in 4Q18 in Bodrum, higher depreciation expense and higher deferred tax expense.

The company’s adjusted revenue excluding Ataturk Airport income from last year indicates a 2% YoY increase to EUR172mn in 4Q19. Aviation revenue was down by 5% YoY negatively affected from Russian flight ban to Georgia in 4Q19. On the other hand, ground handling revenue was up by 24% YoY affected by favourable mix and better pricing at IGA. The company’s adjusted EBITDA for 4Q19 came in at Eur46.1mn, indicating a 33% YoY improvement. TAV’s consolidated revenue was up by 8% YoY to Eur764mn in 2019, while EBITDA was up by 5% YoY to Eur329mn in the same period, excluding last year’s Ataturk Airport contribution. Net profit came in at Eur373mn 46% higher, including the pre-tax compensation income due to the early closure of Ataturk Airport. The net profit also affected by higher depreciation and higher deferred tax expense in 2019.

TAV’s post Istanbul total pax was at 89,1mn in 2019 up by 6.5% while international pax rose by 18% in the same period. The company guided for 3-5 YoY pax growth in 2020, while international pax is expected to increase 4-6% in the same period. Capex was at Eur69.5mn in 2019, while in 2020, Eur70-75mn Capex was guided to be spent.

The Company Board decided to propose a dividend of TL392.5mn which corresponds to TL1.08 gross DPS to commence on March 25, 2020, to the approval of the General Assembly. The proposed dividend amount indicates a 4% dividend yield.

TRYmn 4Q19 Consensus Global Securities Dev. from consensus 4Q18 YoY 3Q19 QoQ
Revenue 1,061 1,097 1,321 -3% 1,037 2% 1,540 -31%
EBITDA 251 311 316 -19% 301 -16% 738 -66%
margin 23.7% 28.4% 23.9% -4.7 pps 29.0% -5.3 pps 47.9% -24.2 pps
Net profit 1,419 1,534 1,662 -7% 323 339% 561 153%
margin 133.6% 139.8% 125.9% -6.1 pps 31.2% 102.5 pps 36.4% 97.2 pps
Net Debt/EBITDA (x) 1.84 2.12 -28 bps 1.75 9 bps
ROE (%) 27.0% 23.3% 4 pps 19.2% 8 pps
Net debt 3,843 3,457 11% 3,745 3%
Working capital -478 -722 -34% -634 -25%
Δ in WC 156 477 -67% 124 25%
CapEx 146 169 -14% 93 56%
FCF to firm 220 620 -64% 656 -66%
Shareholders' Equity 8,774 6,256 40% 6,635 32%

(=/-) ARCLK posted TL240mn net income in 4Q19, which was 24% above our estimate but in line with the consensus expectation of TL239mn. Reason behind missing our estimate is lower fx expenses than our expectation. Revenues grew by 13% YoY to TL8,366mn in 4Q19 while its EBITDA declined by 7% YoY, which came below the consensus estimate of TL895mn and our estimate of TL888mn. Lower than expected EBITDA was mainly due to lower share of domestic sales. OpEx in % of net sales was also 1.7pps higher than compared to the same quarter of previous year. Higher OpEx/Sales ratio mainly derived by IFRS16 impact and increase in marketing activities. As a result, Arcelik posted 9.8% EBITDA margin in 4Q19, down by 2.1pps YoY and 1.3pps QoQ. Net debt/EBITDA is at 2.4x in 4Q19 almost unchanged YoY and QoQ. Following its 4Q19 results, Arcelik announced its 2020 guidance, expecting 10-15% growth in domestic sales coupled with 2-3% organic and 1% inorganic growth in international revenue based on hard currency. Its EBITDA margin is targeted at c. 10.5%, while Arcelik expects a NWC/Sales ratio below 30% and EUR200-250mn of capex. Arcelik’s 2020 guidance is in line with our estimates as we expect 17% top-line growth, 10.8% EBITDA margin, 29.5% NWC/Sales and EUR250mn capex.



TRYmn 4Q19 Consensus Global Securities Dev. from consensus 4Q18 YoY 3Q19 QoQ
Revenue 8.366 8.411 8.050 -1% 7.414 13% 8.246 1%
EBITDA 819 895 888 -9% 881 -7% 917 -11%
margin 9,8% 10,6% 11,0% -0,9 pps 11,9% -2,1 pps 11,1% -1,3 pps
Net profit 240 239 194 0% 280 -14% 240 0%
margin 2,9% 2,8% 2,4% 0 pps 3,8% -0,9 pps 2,9% 0 pps
Net Debt/EBITDA (x) 2,40 2,42 -2 bps 2,46 -6 bps
ROE (%) 9,6% 10,4% -1 pps 10,7% -1 pps
Net debt 8.018 6.607 21% 8.371 -4%
Working capital -9.582 -8.110 18% -9.690 -1%
Δ in WC 108 1.461 -93% -326 -133%
CapEx 481 720 -33% 311 54%
FCF to firm 405 1.633 -75% 263 54%
Shareholders' Equity 9.658 8.183 18% 9.008 7%


(=) ISCTR posted TRY2309mn net income in 4Q19, in line with consensus estimate of TRY2290mn, but 10% above the Global estimate of TRY2095mn. The net income was up by 71.25% QoQ and by 5.19% YoY terms. The reason behind the deviation of Global estimate is mainly due to lower than expected interest expenses. The main driver of the significant increase in net income has been the sharp decline in interest expenses although the interest income declined sligthly. In other words, the rate cuts of CBRT starting from 3Q19 supported the widening of NIM for ISCTR as well as all banking sector. The most significant factor for the improvement on the bottom line was the substantial decline in trading losses, down by 62% QoQ and 45% YoY, added TRY1266mn to the bottom line.

Provisions for expected credit losses segment were up by 63% QoQ and 161% YoY, from TRY1281mn in 3Q19 to TRY2089mn in 4Q19. Fee income grew by 13% QoQ and 22% YoY.

On the liquidity front, the bank continued its prudent action, while its deposit growth was 12% in 4Q, the loan growth indicated a slight movement by 9.1% in 4Q19. That led ISCTR's LDR narrow to 91.4% from 95% QoQ and 106% YoY, which will open up a path for its loan growth capacity in 2020 when macroeconomic conditions improve as expected.

In terms of solvency, ISCTR improved its buffers such as Tier - 1 ratio, up by 29 bps QoQ and 126 bps YoY in addition to the improvement in its CAR 17,87% up by 138 bps YoY.

As for asset quality measures, the bank posted 6.50% NPL ratio, in line with the sector averages together with the 20 bps improvement QoQ from 6.70% in 3Q19. A slight elevation in CoR figures is evident, up by approximately 20 bps both QoQ and YoY time frame.

All in all, ISCTR managed to indicate compatible performance with the declining interest rate environment in 4Q19 especially taking advantage of lowering its interest expenses.

TRYmn 4Q19 Actual Consensus Dev. from consensus 4Q18 YoY 3Q19 QoQ
Net Income 2,309 2,290 0.83% 2,195 5.19% 1,348 71.25%
NIM (Swap-adjusted) 4.86% 2.90% 1.96% 3.60% 1.26%
Loan Growth 9.10% -3.34% 12.44% -2.50% 11.60%
Securities Growth 6.50% 3.50% 3.00% 3.90% 2.60%
Deposit Growth 12.10% 0.90% 11.20% 2.00% 10.10%
LDR 91.4% 106.10% -106.10% 95.00% -95.00%
ROE 10.10% 15.50% -5.40% 9.50% 0.60%
ROA 1.40% 1.70% -0.30% 1.17% 0.23%
C/I 38.80% 36.4% 2.40% 43.40% -4.60%
NPL Ratio 6.50% 4.10% 2.40% 6.70% -0.20%
CoR 2.17% 1.94% 0.23% 1.97% 0.20%
Tier 1 Ratio 14.97% 13.72% 1.25% 14.68% 0.29%
CAR 17.87% 16.49% 1.38% 17.76% 0.11%
Net Interest Income 5,689 4,012 41.80% 4954.00 14.84%
Fee Income 1,574 1,295 21.54% 1,398 12.59%
Fee Growth 12.60% 15.30% -2.70% 3.40% 9.20%