Albaraka Turk - Net Income Beat of Poor Quality
Albaraka Turk reported 2Q17 standalone financials on Friday. It posted TRY96 mln of net income (up 167% Q-o-Q and 46% y-o-y), for a 16.4% quarterly ROE. First-half net income came to TRY131 mln, remaining almost flat over a year ago. The quarterly figure beat the TRY73 mln market consensus estimate and our estimate of TRY68 mln. But the beat on our estimate was of poor quality, as it was based on a TRY11 mln provision reversal and TRY25 mln of trading gains. Moreover, despite large share-income revenues of TRY87 mln from real estate projects (compared with TRY39 mln in 1Q17), NII remained below our estimate due to weaker than expected loan growth. Still, the beat might have a slightly positive impact on the stock, in our view.Albaraka Turk Katilim Bankasi is a commercial bank based in Turkey. Co. supplies retail, corporate, and investment banking products and services within the framework of the principles of participation banking. Co. also operates as an insurance agency, a private pension insurance agency and as a brokerage agency. Co. through its branches, engages in purchase and sale of precious metals, provides intermediary services in quick money transfers, credit card and member business (P.O.S.) services. Co. maintains an extensive service network consisting of 166 national branches and alternative delivery channels. Co. also has a branch in the city of Erbil in Northern Iraq.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.