reports
- MarketLine Department
- Ovunc Gursoy
TURKISH BANKS - Banking monthly – October 2019
The BRSA reported that the sector’s net profit surged by 55% m-m to TRY5.1b in October, thanks to state bank (SB) earnings that saw a massive 2.3-fold jump m-m. We believe that profitability will be strong in 4Q such that we envisage a 9% q-q expansion in net earnings for banks under our coverage in 4Q. In particular, the expansion in TRY L/D spread, the downward trend in swap costs and benign opex will support profitability. The only drawback may stem from CPI-linked bonds as the October-Octob...
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