Turkish Banks - Bumping Up Our Earnings Forecasts
We have revised our earnings forecasts ahead of the 2Q17 reporting season. We have raised our aggregate 2017 and 2018 forecasts by a respective 10% and 11% to factor in GDP growth of 4.5% in 2017 and 4.2% in 2018 (up from 2.5% and 3.5% previously). We have also amended our year-end USD/TRY forecasts to 3.70 for 2017 and 4.10 for 2018 (from 4.00 and 4.35, respectively). We keep our recommendations unchanged. We are upbeat on Garanti Bank and Halkbank but downbeat on Vakif Bank and Isbank.Akbank is a commercial bank. Co. operates in five segments: Retail banking offers a range of retail services, such as deposit accounts, loans, credit cards, insurance products and asset management services; Corporate and Small and Medium Size Enterprises banking provides financial solutions and banking services; Treasury Activities conducts regional and foreign currency spot and forward transactions, bonds and other domestic securities; Private banking offers banking and investment transactions for upper-income groups and the International banking provides services for foreign trade financing and Turkish Lira clearances, and money transfers through agent financial institutions.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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