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Halkbank Q2 profit drops 72.1% YOY

Turkish lender Türkiye Halk Bankası AŞ reported second-quarter net income of 310 million lira, down from 1.11 billion lira in the same period in 2018.

Net interest income for the quarter increased year over year to 2.27 billion lira from 2.16 billion lira, as did net fees and commissions income, to 720 million lira from 501 million lira.

The Turkish bank reported net trading loss of 1.42 billion lira in the second quarter, compared to net trading income of 30 million lira a year earlier.

Net operating income for the period amounted to 1.63 billion lira, compared to 1.47 billion lira a year ago.

Provision for loan losses and other receivables increased on a yearly basis to 1.40 billion lira from 552 million lira.

For the six months to June-end, the bank's net income was 615 million lira, down from 1.90 billion lira in the same period in 2018.

The bank's gross nonperforming loans increased 76.7% to 11.52 billion lira in the first half. The NPL ratio was 4.0% at the end of June, compared to 2.7% a year ago, while the NPL coverage ratio declined on a yearly basis to 63.4% from 79.9%.

As of June-end, the lender's capital adequacy ratio was 14.6%, compared to 13.0% at the end of March and 13.2% at the end of June 2018. The bank's Basel III common equity Tier 1 ratio stood at 9.82% at the end of June.

As of Aug. 9, US$1 was equivalent to 5.51 Turkish lira.