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Akbank FY'17 profit up 24% despite net trading loss

Akbank TAS reported full-year 2017 net profit attributable to the group of 6.02 billion Turkish lira, up about 24% from the 4.85 billion lira in 2016.

EPS increased to 1.51 kurus from 1.21 kurus. Return on average equity ticked up to 16.2% from 16.0%.

The Turkish lender's net interest income rose to 11.29 billion lira from 8.49 billion lira, while net fees and commissions income increased to 2.96 billion lira from 2.57 billion lira a year ago.

Meanwhile, the net trading loss reached 529.9 million lira, compared to a profit of 946.0 million lira in year-ago period. The lender reported provisions for loan losses and other receivables of 2.44 billion lira, compared to the year-ago 2.25 billion lira.

As of Dec. 31, 2017, the bank's Tier 1 ratio was at 14.2%, up from 13.1% a year ago.

As of Jan. 31, US$1 was equivalent to 3.75 Turkish lira.