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Garanti Bankasi Q1 net income jumps YOY

TürkiyeGaranti Bankasi AS posted first-quarter net income of 1.06 billionTurkish lira, compared to 885 million lira in the same period in 2015.

Net interest income rose year over year to 2.77 billion lirafrom 2.17 billion lira. Net fees and commission increased to 822 million lirafrom 759 million lira a year earlier.

Specific and general provisions rose to 752 million lira inthe first quarter from 563 million lira a year ago. Collection and provisionreversals due to collateral reassessment came in at 283 million lira, up from212 million lira a year earlier.

The bank's common equity Tier 1 ratio stood at 13.0% at theend of March, compared to 12.3% a year earlier and 12.9% at 2015-end.

As of April 27, US$1was equivalent to 2.83 Turkish lira.