TSKB - Good Loan Growth with no Risk Cost
TSKB reported 2Q17 financials yesterday. In line with our and the consensus estimates, standalone net income grew 7% Q-o-Q and 29% y-o-y to TRY151 mln, for a quarterly ROE of 19.5%. The bank's asset quality remained exceptional: the NPL ratio was just 0.27% with zero NPL inflow in 2Q17 and sustained NPL provisioning at 100%. Euro-denominated loans rose 4.9% Q-o-Q (in euro terms), while dollar-denominated loans climbed 4.6% Q-o-Q (dollar terms). The CET1 ratio improved by about 30 bps Q-o-Q to 12.5%, while CAR remained almost unchanged at 17.5%. NIM contracted by 20 bps Q-o-Q, mainly due to losses on derivative instruments. Overall, the results are as expected, which should be neutral for the stock, in our view.Turkiye Sinai Kalkinma Bankasi is a private development and investment bank. Co. provides its clients with an array of products and services in the corporate banking, investment banking and advisory business lines. Co. serves its corporate clients in investment banking through solution oriented treasury products in addition to corporate finance activities such as mergers, public offerings and bond issuances. Co. mainly operates in investment and corporate banking segments. As of Dec 31 2014, Co. had total assets of TL6.23 billion.
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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