TURKISH BANKS - Weekly banking review
In the week to 3 August, total loans increased 1.4% w-w (TRY loans -0.3% w-w; FX loans -0.8% w-w in USD terms), while total deposits grew 0.9% w-w (TRY deposits -0.7% w-w; FX deposits -2.1% w-w in USD terms). The annual run rate of TRY loan growth was realised at 16.2%. State banks led the TRY loan growth with an annual rate of 22.3% vs 12.2% for private banks. On top of that, the LDR remains high at 117% (138% for TRY and 96% for FX), while the NPL ratio remained flat at 3.0% with 71% coverage.
On a 2019E P/E of 3.1x and P/B of 0.4x, Turkish banks we cover are trading at 60% and 45% discounts to EM peers, respectively. We have BUYs on Akbank, Garanti, Vakifbank and TSKB.
TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.
With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.
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