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Yapi ve Kredi Q2 profit rises YOY

Yapi ve Kredi Bankasi AS reported second-quarter net profit attributable to the group of 891.9 million Turkish lira, up from 847.9 million lira earned in the same period in 2016.

Net interest income rose year over year to 2.32 billion lira from 1.91 billion lira over the period. Net fee and commission income also increased, to 826.5 million lira from 777.9 million lira.

The Turkish lender booked a net trading loss of 107.4 million lira, compared to net trading income of 52.1 million lira in the second quarter of 2016. Losses from derivative financial transactions increased on a yearly basis to 997.0 million lira from 284.0 million lira.

Provision for losses on loans and other receivables amounted to 819.6 million lira, compared to 686.0 million lira a year earlier.

For the first half, Yapi ve Kredi Bankasi's profit attributable to the group rose on a yearly basis to 1.89 billion lira from 1.55 billion.

As of June 30, the bank's consolidated common equity Tier 1 ratio stood at 10.3%, compared to 9.9% in at the end of the first quarter.

As of Aug. 1, US$1 was equivalent to 3.52 Turkish lira.