TURKISH BANKS - Weekly banking review
In the week to 9 November, total loans decreased 0.9% w-w (TRY loans -0.2% w-w; FX loans -1.7% w-w in USD terms), while total deposits grew 0.2% w-w (TRY deposits +0.4% w-w; FX deposits +0.1% w-w in USD terms). The annual run rate of TRY loan growth declined to 7.9% from 8.7% a week ago. State banks led the TRY loan growth with an annual rate of 15.4% (16.6% a week ago) vs. 3.8% (4.3% a week ago) for private banks. Additionally, the LDR materialized at 113% (131% for TRY and 95% for FX), while the NPL ratio materialized at 3.5% (+5bp w-w) with 69% coverage.
On a 2019E P/E of 3.3x and P/B of 0.4x, Turkish banks we cover are trading at 59% and 61% discounts to their 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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