Yapi Kredi Bank (YKBNK TI) - 1Q18 results operationally strong: Maintain Hold
Yapi Kredi announced a 1Q18 net income of TRY1,244m (+41% q-q, +24% y-y), above both our estimate (TRY1,026m) and the RT consensus (TRY1,091m). Our deviation stems mainly from higher-than-expected top-line and lower-than-expected trading losses.
TRY L/D spread rose 153bps q-q, while FX L/D contracted 34bps. Swap losses were 32% q-q higher and the swap-adjusted NIM dropped 23bps.
Yapi Kredi also shared its 2020 strategic plan and key financial targets.
We revisit our earnings estimates and TP to reflect 1Q18 results.
Yapi Ve Kredi Bankasi is a financial services group. Co. serves its customers through its retail banking segment comprising of individual banking, Small and Medium Size Enterprises banking and card payment systems, corporate and commercial banking as well as private banking and wealth management segments. Co.'s operations are supported by domestic subsidiaries in asset management, brokerage, leasing and factoring as well as international banking subsidiaries in the Netherlands, Russia and Azerbaijan. As of Dec 31 2014, Co. had total assets of TL194.96 billion and total deposits of TL107.63 billion.
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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