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Vakifbank Q1 profit rises YOY

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Vakifbank Q1 profit rises YOY

reportedfirst-quarter unconsolidated net profit of 516.7 million Turkish lira, comparedto 434.6 million lira in the same period a year ago.

Netinterest income increased to 1.55 billion lira from 1.24 billion lira in thefirst quarter of 2015. Net fee and commission income dropped over the sameperiod to 227.0 million lira from 228.7 million lira. Net tradingincome dropped on a yearly basis to 19.1 million lira from 59.4 million lira.Other operating income decreased to 245.4 million lira from 279.3 million lirain the year-ago period.

Thebank booked provision for loan losses and other receivables of 509.1 millionlira, up year over year from 449.4 million lira. Other operating expenses alsoincreased on a yearly basis to 932.1 million lira from 855.3 million lira.

As of May 4, US$1 wasequivalent to 2.89 Turkish lira.